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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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! d0 Q% ?2 ^( Q8 S5 Y7 U3 X"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.- m, Q/ J3 e8 W
! w/ A) M3 ?+ L0 ]1 d; yCalgary to have Canada's fastest growing economy this year, Conference Board says
9 i+ K! d% A+ y% xThe 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& x: n! ^. N: v7 Z- n1 ?
2 L% Z+ ]3 e+ w% jThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.! E: A( P/ ^5 G6 ^2 y
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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.2 s% {' C+ ^9 Q6 v# _: }
1 m) p: Q8 r7 x, }& q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."0 A, y! k$ Y, Q, U% ]
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- _+ d/ O% ?. l9 B2 k* _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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, F& C9 d8 ?; u( [$ \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." _! C9 P0 L: E! A
7 `: E& ^7 l# Y"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
, l2 q2 \3 T% d3 `; }& J0 X" p9 @Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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