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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.; [$ ^' T+ p# a) j3 W
& `' T* d' j% @"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.- s( s4 U. g, F, [7 z) s, B8 C/ ?
! g! d0 j- ~! g: Z5 W7 K) M+ e$ bCalgary to have Canada's fastest growing economy this year, Conference Board says
4 w7 |2 L# Q/ _$ w, UThe 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."$ j6 Z* A. j7 `% p' D' r" C
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 T+ o# G3 |! C' l! _. r
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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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/ t n h& ~; N) R$ c9 n2 A7 x"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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6 I# Z: G' T& c- ?3 iThe "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.) z8 j! o4 I1 ~7 ]' G ~: R
, S. n6 `3 s/ V, q! v% JIt 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.7 ^% n- n) r; N9 U# }
( g0 W( {5 Q2 U: o"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" K0 F4 T9 S( j f8 b' K- c
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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