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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.9 j$ P2 Y& U' m) a+ c
- K. Y3 E1 r& x- O, ]0 _/ K' g8 y) X"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./ F E: [/ {# c0 L
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Calgary to have Canada's fastest growing economy this year, Conference Board says, u; {$ c ~+ H: x$ i
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."9 E6 C: g- v# c4 z% D
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 W* r( d' D0 B M) \3 K5 Y
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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.# J' A0 l5 _/ \* ^( O2 G1 M
% V; N- E% k) }% m# ~% \" }+ i"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& D( L9 i- h" X
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5 i7 ]( _* @2 VThe "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.# j- P9 b, J- S3 t2 e
6 y) l* i; M6 \/ rIt 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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- |- _6 [4 G. ~; v6 T9 O"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.
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Oil price rises to 2-year high above $58 US on supply slowdown7 Z, B) ]4 S9 R4 V( K: l
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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