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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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"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.# T; N+ N9 _0 N4 `. `0 |0 M2 o/ l
/ N" A2 q+ J8 gCalgary to have Canada's fastest growing economy this year, Conference Board says
2 W! E4 ~) \9 s6 p5 {5 LThe 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.
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. o7 j6 h# U2 t"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.: k# @/ l+ r* k- X4 z' `
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& j" o6 \4 K$ y
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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.
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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.* n v C* S3 {% Y7 F1 y5 f% L
- A- [1 ?) ?8 ^& G, |% a4 q3 V"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. ?2 W( }2 e4 R; E& T
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Oil price rises to 2-year high above $58 US on supply slowdown( ?7 r% K' K" |3 G' g3 Y
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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