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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.+ B, _5 ?# \ F, C+ V& l5 C
0 A; x7 _+ H! s' x) a* n: k( U"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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+ G, `( {1 Y: f! n' iCalgary to have Canada's fastest growing economy this year, Conference Board says2 ~3 k) f- r/ \
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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- A9 [6 H/ C. F9 @The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.- W: S. E' w8 v8 _1 \( _, g
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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.7 r$ C# `) k/ _6 } j8 Y! s+ e
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"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.
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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.
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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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2 V2 O6 a( w! L0 }! e0 g! {Oil price rises to 2-year high above $58 US on supply slowdown
8 W' e. x3 _. j' q' U! [Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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