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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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"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.. r& A$ i, {) S3 A
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Calgary to have Canada's fastest growing economy this year, Conference Board says) u5 T4 J. G: h2 l" {% L
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."% [0 N6 j/ A# g/ Q
' ?0 ]- K1 E# {The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.# K8 s8 H3 C5 v+ a3 X& u2 V1 p
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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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( \0 q) i4 |7 b; X. VThe "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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4 J2 L& u* q/ }' [3 p+ tIt 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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Oil price rises to 2-year high above $58 US on supply slowdown8 V" ]% _0 d3 v+ E6 m
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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