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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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8 x6 r$ L( U3 p"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.
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4 f; b( i6 y( A% g5 x& aCalgary to have Canada's fastest growing economy this year, Conference Board says
8 y. \* A0 T) X" P5 }' HThe 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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0 M+ H7 b1 p% }. b1 v$ y9 VThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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; n O- N0 t" b: R- i1 ]3 h"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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* M9 V! Y3 A" z/ o- C"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.". P; C$ J) \! T5 W
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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.3 I. `' @' o& k; d/ e# V# [( z
, w) u I) U8 X! j" }" ^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.$ d( K( _$ m( J2 T i4 k5 j" K
3 g. _7 Y7 C8 J* i8 a! x"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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+ i: M2 d" S6 pOil price rises to 2-year high above $58 US on supply slowdown
3 d6 y) k$ N" R( e% \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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