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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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"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 says9 O; s( d) S" z F& x" b$ l; z% q
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."* X$ h0 P* E9 d+ u i: |
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 K3 p/ ?( L* B4 s
3 `# T- n' Z2 P/ E"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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- E& [1 Q$ U6 h3 g"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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. X |, \1 h0 M, SThe "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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' o5 y, P5 L# E$ pIt 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.0 Z4 @5 ]' Q. D p8 y
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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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! r4 q M* i9 r7 a+ \. ZOil price rises to 2-year high above $58 US on supply slowdown p& ]8 V! C) k2 F# O+ q
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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