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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.! p% K- P9 }4 j+ U# I: }
( n0 v! y3 h G- o1 h. n"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.. A4 i6 @; N6 F J
! w# P: m# y0 [- KCalgary to have Canada's fastest growing economy this year, Conference Board says! g! ]! X% \; G9 z- |$ I0 } 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."! E$ o5 E: J& Q9 C# }
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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6 t! G! ?: Q2 V0 E; p0 F5 `1 X* J% M"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 Z& r, A: r# D9 c
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."5 q+ i# z6 k* J/ {
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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.$ |! q5 F' ^ N
7 ]7 }. Y0 M6 m, 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.+ t8 j' S# A# w9 a. B5 f1 L5 J
" c8 x: i& N% g2 ]4 o X6 h) ]+ SOil price rises to 2-year high above $58 US on supply slowdown( V& q; L9 G# J- y; l; s
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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