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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.* s2 g' k, i4 }4 d
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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.! P. i. ^' H y2 J$ r- k l- y
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Calgary to have Canada's fastest growing economy this year, Conference Board says
' p) F- g X' }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."; \" V. u, ]; b; c0 \
7 d ]7 m! L7 eThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.6 k( @) I+ k, S! B: a+ K/ f0 R
* A6 p$ _$ T! d" k, I"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. a p- W7 q! S* u) Y
, T& O j) Y3 a' _! S9 `"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."5 i5 f' [+ W d; j
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! H; Z( \7 W2 [" E1 I& [2 O# b; ?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.
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9 j' y# N6 q- R0 }; X0 M; E: bIt 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.! s6 j+ l/ e: ^- K, w1 ?
+ U4 Y. m/ N# K$ h"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.$ l$ n9 @/ a- A, L
! R' B% [$ r; f6 GOil price rises to 2-year high above $58 US on supply slowdown( x9 [% W( e4 f0 `
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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