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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.; j9 w7 h0 {/ z" n
3 U# n$ H& g1 W' o. R% T( E"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
) M5 D: L3 t( {& F4 l @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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; l \- P. d" o" X1 gThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 Y! z& }8 L* X' I, \; c3 t7 h* ?
$ n8 d) ]. b2 k2 ~6 z; r"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.( l# l. [7 H$ J
# r0 p. @8 I- ? j" T d"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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5 S" m, W* B' t! O: q \/ x) _# xThe "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.0 i5 B: K! g- }$ n8 U, t7 Z+ x
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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.8 k6 Y# i0 Q! L9 q, Q! F
0 A; c E p- `9 P. R) g6 c2 G"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 $58 US on supply slowdown$ r& Z* ^+ @2 f, p0 h* N
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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