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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.: f6 u9 C/ D: H& G
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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says& e- A, P7 L' B1 B2 X/ _5 ^
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." Z9 s3 U# J& s. u( ~
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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! J$ v+ B; ]7 D& v8 t"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.
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4 @0 a1 _ x- l. x' @"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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- I9 `. ~1 } W/ q" d oThe "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.
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5 C, b7 x: V9 B"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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4 R, ]4 E" L- T u& @) m$ GOil price rises to 2-year high above $58 US on supply slowdown
7 S+ d2 s; R, X' U! J5 ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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