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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.! D2 M% d3 S" @9 T5 M" |9 W7 r9 v
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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.9 V2 n' I8 z0 H# ]4 A6 Q+ u
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Calgary to have Canada's fastest growing economy this year, Conference Board says
- v3 v; N2 E; }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.- u1 [3 P5 f* l
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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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."7 n# U4 T$ n0 }* \- d7 O
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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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, T8 A* J3 ]6 h! a$ gIt 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.1 T# n" m; J% l5 Q4 h
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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 E, s' s3 M J: \$ s. Y5 D
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Oil price rises to 2-year high above $58 US on supply slowdown
6 ~# o# S3 x. ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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