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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.- u6 ~( n( t8 F3 V
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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.9 P& J. O+ }/ [5 z, \7 l
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Calgary to have Canada's fastest growing economy this year, Conference Board says, I2 S. k6 Z6 ~, d
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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) N, \8 G4 Y3 P4 t# Z' O DThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 v& ^- l: g _/ H1 ~
2 Q; T" G; p [" @9 ]$ H"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.! J# m P6 h2 b1 i( ^" `6 t
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."/ M+ m; l& Z8 P$ D0 ~% i
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0 r% g* i* c. N1 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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+ Z, Z' k# L- j; 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.1 [0 q% v% r& b. C( B
3 C0 C& V* o# 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.
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5 o% R- \) `4 x2 c/ Q l/ y9 h w/ jOil price rises to 2-year high above $58 US on supply slowdown3 y1 x, l" u" T2 o% D. j) E$ L
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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