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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.: g! v, o+ T( J
+ j8 Y0 p3 c5 A7 LCalgary to have Canada's fastest growing economy this year, Conference Board says$ j1 C9 g0 K Q
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.
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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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& H/ B5 i9 X3 q$ U6 w- Y/ I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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& r' m [# a5 F% w/ B% c1 cThe "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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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." a( _3 Z: w. e7 w
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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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# Z' r; \/ }4 Q/ w' QOil price rises to 2-year high above $58 US on supply slowdown/ x- l/ j2 b0 _" V# Y$ j
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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