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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. B6 v& i6 ^, t& n1 ]( D6 b
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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.: p/ d- ]# X) r( `8 E t. _5 ~
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Calgary to have Canada's fastest growing economy this year, Conference Board says
+ A6 Z4 A" y0 K& C: j4 Z. rThe 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 U8 j! ~3 ^0 R! f1 } {( ?( c; \2 {The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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, ~, V1 k4 K+ K9 Q8 D: k"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.% D# e6 G; J6 d( N2 {& @% d
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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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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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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., |1 D' {8 ^8 F9 l5 [% ?9 D2 h
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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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Oil price rises to 2-year high above $58 US on supply slowdown
4 L' v; j# J4 U4 K% QCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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