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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.) I0 u6 D4 p/ s- Q
" p% B1 M/ b0 G& W# M5 `( V; r# fCalgary to have Canada's fastest growing economy this year, Conference Board says1 H1 T0 c# _# m0 e' W. ^( j: x
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."1 R" \$ d9 v* @- W+ ~' r
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 `0 z! l; u3 A
# Q8 A" I+ \& b0 e. E% S"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." R( m( }( z4 v7 E
, L% k3 s' l$ |. ]" m5 ^* M' k"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."1 r0 m2 _' i# Z( l' P8 i0 W3 r
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0 l2 T2 c3 X- N) Q4 AThe "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.8 y$ W% |9 V- s; y2 B" e0 C
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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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+ O& Q9 R7 s& I8 t. ]4 ~Oil price rises to 2-year high above $58 US on supply slowdown
, Y* \5 n' T. b7 bCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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