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Alberta's economy is on pace to grow by a blistering 6.7 per cent this year, far outpacing every other province, according to the latest forecast from the Conference Board of Canada.6 b8 ~) O% ]" ?' C3 i
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"Thanks to rising oil production and a swift turnaround in drilling levels, Alberta surged out of recession this year," Marie-Christine Bernard, director of the organization's provincial forecasting, said in a release Wednesday.
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1 O& M: v* e9 DCalgary to have Canada's fastest growing economy this year, Conference Board says5 ^- H1 i! R5 m- D4 P1 N
The report comes two days after a projection from ATB Financial that pegs real GDP growth at 3.9 per cent in Alberta for 2017, "which is likely to be the highest among the Canadian provinces."* B8 I/ s; o+ @7 a" Z. _& s1 l
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.- P0 l L1 g) C( A& M7 C1 J
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"The domestic economy also performed well, as consumers who had delayed making major purchases during the recession flocked to car dealerships and retail stores," the report reads.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."3 B! |* ?- ]7 {/ J- B) r' }) `
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t* {) J: Q% {The "booming growth" in 2017 comes after two years of economic contraction, and the Conference Board cautions that Alberta won't keep up that pace next year.' p% y& ^) z X* w$ r" Q
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It forecasts provincial GDP to grow by 2.1 per cent in 2018, behind British Columbia's projected rate of 2.7 per cent and Newfoundland and Labrador's 2.4 per cent.
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"However, recent strength in oil prices could help maintain the momentum in drilling and push economic growth higher over the near term," the report adds.
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Oil price rises to 2-year high above $58 US on supply slowdown" m7 i+ l7 d$ a4 e& i# ?* ^2 W
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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