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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.1 v/ M& e: h9 H/ [6 A
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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.+ m; N7 Z; b$ S
. M5 _0 e: g4 Z$ s- w- FCalgary to have Canada's fastest growing economy this year, Conference Board says& t5 c; ^. `6 y5 _1 S: K
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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+ _, j1 I9 E& P" n7 I2 vThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 P9 B1 c+ ?6 Q' y; q4 R
" Y2 S- c. ]: h+ z* w, d"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 ~* w Z* l- |- C3 ^& b% Z
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.": ~, H: m0 o0 w T( r/ [' H
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: T* H$ P0 U" c# CThe "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." U3 q# _; z: u5 b+ L& q7 @
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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.
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9 A* V9 g$ k# Y9 y8 E"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." _/ v* U" C* e" N' D( z& r- g' D$ I
7 J0 G" x! j" W( _ JOil price rises to 2-year high above $58 US on supply slowdown4 } L( H! E" n2 E: w% q
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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