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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.. G; Q( q0 Y0 |* g$ u
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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.* Y8 d& J1 E. }' y1 W
2 d- ], ?1 j) pCalgary to have Canada's fastest growing economy this year, Conference Board says
; D9 N" [( M- l% JThe 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."8 n; i& k4 i0 N; h# b5 S
/ W, _9 p6 n( w! ?7 HThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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% M1 P$ m2 J0 F" E9 i"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.1 _* A, H# Z# q
+ J8 [/ A" E2 ^ K. w& j% 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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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./ Y' S; N" j8 @. w$ l5 t6 D$ P
9 ]* f4 P: n% z+ l8 t1 aIt 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.0 R! }# z# l0 f }, V( ?" ^7 U" w- K `
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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.' [. N4 o: j1 y% Y# e+ r
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Oil price rises to 2-year high above $58 US on supply slowdown0 G. s) `! I- [0 o" t( I0 E
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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