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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./ H1 v9 b" x) n: A% ~* z
8 X' k M, e/ l7 B1 i"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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" \# T l; x8 a: V$ SCalgary to have Canada's fastest growing economy this year, Conference Board says
$ I5 n0 E& r/ P+ W, ]; _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."' s u/ X3 }) [& V3 |+ o0 s1 V
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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.7 R9 x! T- w% r1 _2 R- |# o7 }: K
7 r x0 A. P/ r! ^3 S* z"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& T/ u% i, S$ S- [# q i
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( Y! x+ m$ [- {. F: L2 nThe "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.) `" ]3 r3 a. D4 E; U
6 s, r F( `( G* W Z3 D# F"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.- G. O* i5 `# _( P( E4 o* u; O
0 U' P' @; m- L7 q0 V! jOil price rises to 2-year high above $58 US on supply slowdown' o' p `( d Y; b# {
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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