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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.
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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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$ V( O) ~9 O+ NCalgary to have Canada's fastest growing economy this year, Conference Board says1 S a# U0 {# \+ @5 o' f
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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 h' K# D. j+ f7 H
: a* Z/ f. Q# E"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."
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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.+ _! M" j- K: `7 @4 A
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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.3 v& W* Q0 h% Y
& @6 _: b4 p& S8 z" v/ H5 ^"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.1 u5 I" r# }5 K; `
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Oil price rises to 2-year high above $58 US on supply slowdown9 |4 P- _6 `; k# |. [+ C# E5 @
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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