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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.
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- o z' k* o- e A. t0 @"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.; h5 z; o9 e' |8 v
1 I; H3 _" H- [' u/ A$ _Calgary to have Canada's fastest growing economy this year, Conference Board says
8 Y6 S0 m+ m# I0 ]; d, AThe 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& S O2 Y8 ]" z1 {$ x& t
7 Z- p/ r! E$ P4 }" g. 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.$ y& v& B2 F" [$ @2 c) B
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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+ Z! T0 i' t. p) k' V2 UThe "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 e- Q, v% ~" F
+ ^2 _! X, q- w+ s% r5 l9 U8 JIt 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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& Q- x% f0 o2 Y, j"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.2 |- N$ \4 g0 _* Z6 i3 M$ T6 f
2 U+ M B& c1 |0 z. vOil price rises to 2-year high above $58 US on supply slowdown q9 p2 s6 H" m I7 d0 H' S' p
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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