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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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* J" O; O0 C( j9 m" U* } V \"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.4 D: s8 G; s! A6 g, O6 |% C
0 n# r8 \/ T. n3 T1 I2 Y9 SCalgary to have Canada's fastest growing economy this year, Conference Board says
' g3 @( Y% M- F4 y }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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( q* L4 q2 d' }
+ X) M1 f, M F5 J- E; f"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.6 Q+ ]5 I. j1 F$ i
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."- Y/ k C3 J1 K$ K7 H( B
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, [0 i, U+ D1 H! ]: b" X `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.: Q( L' n! ]- V& P4 m
' K) q' y1 s; LIt 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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% U$ j4 A9 H; _0 v+ }5 X, y1 _7 H"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." B0 q& t _' t! A$ f( B
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Oil price rises to 2-year high above $58 US on supply slowdown
8 R# E$ Z6 i# N, ^9 ^) { yCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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