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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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! L8 m& f, ?8 ~"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 says
3 {0 M1 u( r, }& @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."3 z$ x! _. ^0 l4 x% X
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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# T5 R/ J3 I; D* A! x/ \"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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"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.5 F& ?& }( E; K% g. R( I7 s \
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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.
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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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7 @- ]; q, Y5 U' ^7 F1 S5 u& sOil price rises to 2-year high above $58 US on supply slowdown
5 c' I. q; b o1 J: U& mCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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