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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." d5 ~) h8 b; e( D) u/ }- i# V1 w
6 q! X' F9 S# b, i" b2 |- F+ i"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.$ `: K& s& u! `; j1 Z
& j n8 J# v) @7 C) \Calgary to have Canada's fastest growing economy this year, Conference Board says
* u3 n$ Q* u7 Q# o" V& xThe 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."/ P% I. H* p- p; }" D4 Y T `
9 u$ L9 ?# U) @The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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, m' q, V8 F6 ~ y/ K"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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" k7 _3 z. W4 S"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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.1 @6 ?. r. N* ^7 j. N
; W# u$ ?3 ]& T3 Z5 O9 s; jIt 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.
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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.' x3 S5 R4 s4 i/ ?
: `4 Q, g$ Q& z0 e3 S5 p! EOil price rises to 2-year high above $58 US on supply slowdown& |! y/ B- F9 z) Z* _( X
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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