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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.$ n- y$ [# M+ U1 i6 ~8 y' u
) t( }7 `) K2 h9 w' ~ D: L"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.$ d9 H @! u+ x4 q" h
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Calgary to have Canada's fastest growing economy this year, Conference Board says) u9 q2 G/ U/ H3 P
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."! T: M; W! w; z. A4 m. N
; Y: g- F0 Y6 a8 o* ?! HThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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" K P; R- y$ L, Q1 S" @' ~"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 T! c! H9 O7 ?3 e& N1 Z7 G"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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& H+ @; i( {' w9 E( L5 f. |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.$ K4 F6 c; U* {' Z
9 d6 D. n, E2 N4 x$ g. TIt 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.; j8 v" Q4 A4 z
" ?2 Z" V" x! U% W1 @"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 w& j9 @# H- J0 F" b4 m
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Oil price rises to 2-year high above $58 US on supply slowdown4 S) x3 a8 G5 H
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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