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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., z) Z. L: _) D
# n6 ~- V( n' F/ l. E! E. d7 L) W"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.% O( c' K2 a5 Y$ l, h2 _! P
# B) v3 P. `6 ?Calgary to have Canada's fastest growing economy this year, Conference Board says' {% M/ J" n6 Y" U w5 q
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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 T. u1 b b2 [! Y, g0 @& q
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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.4 F) G: M+ P' j6 @2 R
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."# d: |" k3 p0 U3 F5 ?: `! w
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, n" w4 r7 f) }0 o6 }: p& r) u" DThe "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.) u/ v) c2 A( @; m
" u4 C* j$ A6 b1 g% ~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." L; E* g9 b6 y; D
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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.4 ?( U! L' y5 @8 \: B3 U
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Oil price rises to 2-year high above $58 US on supply slowdown
9 e' j, B" R1 c1 X3 i; o0 }Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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