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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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& A3 h# |( k& G: u. H& g6 {/ H"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 s3 R5 x+ g6 a4 A3 |Calgary to have Canada's fastest growing economy this year, Conference Board says" J7 t' s. q: m8 s6 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."4 }2 C5 m& |/ t! U0 h8 p. X
I% m% x) t/ ]4 X9 A! i, @) w6 [The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 e! e9 N0 k8 H5 d1 v
# m8 s$ D" E& n+ `"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.% L' V3 W) Z. i" x* L% o
5 w! k9 a7 V0 [$ a: ], t- j& M"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.9 F# p' ~! u4 F! S; t: V' y0 p M% w
0 n, t5 t1 B, E$ a. ]$ xIt 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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- z. E7 M$ }7 Q# j5 i% u" B"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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. C- e0 q" F$ r7 x, R% wOil price rises to 2-year high above $58 US on supply slowdown" z# X+ o+ Y- ^
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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