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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.$ \- f D% l4 g+ [$ N. r
4 q1 s1 T4 C; |2 Z! w3 D+ t: w"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./ a/ g; y1 c% Q- p9 p
1 d' ` f- n/ t" qCalgary to have Canada's fastest growing economy this year, Conference Board says: F' C, w3 }7 V! V7 f; J2 b7 }
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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1 K' _4 h7 [# m& y+ NThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that. k, l$ ~* T4 C3 d, Q0 r
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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.3 E+ l+ I: E" i6 @; f
8 u. i( s5 B4 q5 g0 w% 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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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.4 N2 ?" ^/ h/ {6 {+ Q s7 T
& ?8 G$ _/ X) i# X& NIt 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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: E! _* t. v; _; V6 r T"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.9 n% |, ]9 X9 w
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Oil price rises to 2-year high above $58 US on supply slowdown2 K* A1 X- r% n; m) U7 O9 `
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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