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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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* j1 B! v+ s$ x"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 n; Z, _% S+ X/ u$ y5 n6 z
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Calgary to have Canada's fastest growing economy this year, Conference Board says
- ^! O, u |( P; C( i6 x, ZThe 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."4 P* J- m, s# u: Q
/ y- c+ u9 Y; F7 I" yThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.' _! H$ J1 g% ?1 `% V: a1 N* ^
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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.* l7 w/ h/ ~+ Q" c
# ?/ v2 q7 Y* v7 T c( V5 c"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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% C+ Q% l/ Q, e0 ]$ B. n- [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.. Y3 Y1 [- w* G
: A- U. v, ~- L1 Q0 IIt 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.9 g) k; [* C Y: ]: l* I7 p( U
+ ?1 T( M d6 D& W% F& l"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.1 [/ k. a: ?- n1 d( @9 r
( M, i' G7 ?: }% \Oil price rises to 2-year high above $58 US on supply slowdown2 F# e2 G1 N" s( B: N) n
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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