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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.3 E: i1 ? y! Q2 E/ k! w- o8 O; u
2 [; f P! e8 o, X N"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.) x$ j: f+ ]. v. W* X X8 z7 F
" ^9 U/ l# s5 Z5 LCalgary to have Canada's fastest growing economy this year, Conference Board says( n" d5 Y9 W2 R. b9 W! J
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."! b- ]3 q8 i& |- h/ |
' e9 \! U- I0 P8 J$ g9 }! j- PThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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/ q# [! }1 W c+ P"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.: Z8 g2 E$ H- D
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."+ s2 z9 L! C* F/ `& U
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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.
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! {, G5 L& m3 G/ n& yIt 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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4 v4 N, e0 ?0 q) E2 }; i7 C+ s! ]& T"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.( T- ?" a) P4 G( Q
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Oil price rises to 2-year high above $58 US on supply slowdown
) P; N6 E' E+ rCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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