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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.; u8 K5 |' p; L0 F# \& [4 J
1 p" n8 S6 Y" `$ C6 [8 n) S"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.( _7 P8 F# h" Q2 S9 _' ^: r
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Calgary to have Canada's fastest growing economy this year, Conference Board says8 {6 t" U5 E$ j8 x$ ?6 G+ R% x
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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* i. n2 J y7 g3 C1 D# x2 B( ?The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) Q5 x5 X8 b; k) c$ C4 n
6 h+ K- [, h! q6 v& D% r V"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.) E& m& \0 N- \
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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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; B1 }! D3 B5 @+ F& ]4 f) \) b4 HThe "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.
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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.3 d+ f' A& p3 E* p- e; Y0 c
9 Y: \% |& |* g! N! d5 n"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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6 u0 K- K# t) k& o+ P- ~Oil price rises to 2-year high above $58 US on supply slowdown
* U$ Z7 R* F1 y2 b( qCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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