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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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"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
1 h' A3 E! W( ~' x7 IThe 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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, q$ E! I) ~) G; mThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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) A; T! J" B! V3 a"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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6 v% U$ f6 e" }) a2 _"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."3 c6 _. C5 ?0 Y2 C& ~# G6 P
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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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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.
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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.! ]0 ?3 v* I5 W' l9 H
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Oil price rises to 2-year high above $58 US on supply slowdown
* d0 A; h [, | Q! ~Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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