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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.4 b% B/ S6 N q( }+ U0 s
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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.# i p0 H0 ~% _0 a- N4 W& q& b
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Calgary to have Canada's fastest growing economy this year, Conference Board says) T6 l8 D9 v6 g) K) 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."( F9 P: u0 [( |( y" Z
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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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, L1 C o* G0 m" \9 H"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.) r6 k; q, U$ D E0 y/ {- a* v9 N( g
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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 h2 V* Z+ o# o/ R) ]( d* 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./ l: z5 z2 I( \9 `' X
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Oil price rises to 2-year high above $58 US on supply slowdown) M7 J: Y9 P5 [. e+ V) ?
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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