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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.' y( ^& }/ I c7 L
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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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$ Q- t( F5 @1 u) s; YCalgary to have Canada's fastest growing economy this year, Conference Board says. L/ D1 m5 P- p" C+ c
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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8 r6 a5 b/ w* k: B) n' ~/ }: VThe 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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- }! l. E" j }* U5 [1 Z2 e, Y"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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* v& O9 {1 ~2 kThe "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.7 R9 F5 {; R4 N" _
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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.+ d( f) t& k, [- w! e3 P
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Oil price rises to 2-year high above $58 US on supply slowdown4 }2 z5 Q& z+ d6 {; g' U
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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