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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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+ y6 s. U5 V: B. W8 `9 r, B) {"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.) K9 w k: d _4 `: l. {+ R
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Calgary to have Canada's fastest growing economy this year, Conference Board says6 a& J9 l5 S$ ~+ g2 T; v
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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5 h/ ~: Y' `6 U2 [: X- i/ v$ P% r- |The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.2 K3 j! e2 L# s D) Z
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"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" L4 v h7 ?9 `
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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.
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: }3 g6 P6 w3 J9 w) f2 S7 {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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"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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}( e6 L7 l: W9 KOil price rises to 2-year high above $58 US on supply slowdown
6 m0 n+ [8 h. \: KCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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