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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.4 Y$ Z) F$ v% O7 x7 ^' Y
$ D' ~% ~3 a- Z' w"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.4 |1 ?0 w8 `! X! E8 }0 {* x- u
7 o; t9 `- I4 a+ b; a1 k+ R5 U, SCalgary to have Canada's fastest growing economy this year, Conference Board says
" h: ^( K; J' L% k# e6 j' CThe 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."* U$ O; H0 y; \: B
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) p' R! u- h: C2 T
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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.2 n6 ~% w- w4 J' W
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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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' ^4 ]& g: r7 v; K) qThe "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.; o. N" M. ~, K: } M
8 T8 U" Y; p2 CIt 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.' s2 q9 v+ B# R5 |. i6 ?- T
* C7 A7 j% s( x8 [5 V, fOil price rises to 2-year high above $58 US on supply slowdown3 a5 ]/ {! A. H, u# I6 }2 U( `/ Q
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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