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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." f. k: C0 G2 I
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Calgary to have Canada's fastest growing economy this year, Conference Board says0 J4 m" j- F/ i' Q4 o
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."' V* E, A% p: u' r/ E2 m* ?( ^( A
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) h+ k# ~ \2 l2 c [+ Y7 v' V
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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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6 P( i, C; L% }) A; k: O/ L8 f) h"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."9 G+ k Y; ]8 \8 Y! G
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8 g) G2 V6 D. [3 Y) ?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.$ `1 t8 `$ G% U- P5 t
. [8 e- z; t/ F" N# d' ZIt 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.: A+ ^! q" v0 J) i* E- l
( N) m/ T; J$ w' {( ^, x- A2 I+ q+ l7 R"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.4 M$ v" K( T9 r. @( j0 i
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Oil price rises to 2-year high above $58 US on supply slowdown
, j/ Y5 D* n2 I: ?6 j- FCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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