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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." v# \' t3 C! o9 g* U" c
, M! o; n3 R& [4 D"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.; x u! t- b$ M
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Calgary to have Canada's fastest growing economy this year, Conference Board says" s" n5 ?/ ^+ A. g
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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5 L( R6 P: h5 i JThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.% L( R2 S; g5 I9 {
5 I- U$ S7 ~" p) ["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.: ~- ]* e2 s0 _
0 a+ V- J3 {& z$ r5 x M8 B9 o0 h, I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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' J$ S. Y3 F6 J& nThe "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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7 K( o/ c: U k6 m C7 ]' G1 r( LIt 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.% q' W# T3 |/ I f) `
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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.! F: ?. z) |6 l
) g: U9 u( q# [: @4 e/ @% C3 k3 e$ F bOil price rises to 2-year high above $58 US on supply slowdown) i. k1 o3 C, L
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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