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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.5 ^& Q$ y( e2 S% H- {, R9 e. c6 |
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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.* `2 [) }$ u* l2 Y' Z' p
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Calgary to have Canada's fastest growing economy this year, Conference Board says2 I" |: a$ P5 B0 s& `9 X
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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, g) `2 f* Y) j; X2 e; `( v5 d! qThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.! L$ h+ r8 ?# q% Y% T: b
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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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1 j& w E# E+ ]8 o4 b% P"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.
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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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+ } ?5 @# @: P8 i, u ~0 b"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.) B& \. C! j: B4 M: S
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Oil price rises to 2-year high above $58 US on supply slowdown
{1 q) c7 I* @/ |$ G( f3 \/ |Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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