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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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: g J U& j9 u9 P0 k( O"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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: q6 a, t1 g, C# I0 S) t- zCalgary to have Canada's fastest growing economy this year, Conference Board says
( {; c8 `/ m! D3 Y+ y! }1 iThe 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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3 i3 K4 D! ~8 j4 `* o: U; ~The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 z& c$ A( f! L9 ^4 v, x2 L- F6 Z
: w; ^. W2 Z) r3 n$ z9 S) S"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./ U; V M% T# ^, H( ?* ^
4 l+ {2 ]8 {" `, f"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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9 b! D4 l, i" m5 f8 rThe "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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# Q$ m) [4 b0 ]" t+ ]# N gIt 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.; H. o# U5 Q) E+ M& Z5 n$ ]
, M3 a/ z- @5 H& N( \"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
% a1 I8 W2 K3 G2 p/ t9 VCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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