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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.& f r6 z3 X% D+ X! R. t W' k% a
" D. [, O F( ["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.# I1 g0 s/ r! C( v3 G/ M
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Calgary to have Canada's fastest growing economy this year, Conference Board says b& w( 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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6 ], u: I/ m6 Y5 C* I: e+ W! AThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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( T" }: m8 q( m* B5 Z"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.6 T/ j" [, F6 m2 c3 G; W* q1 C
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." ~1 I2 y k4 Y: h, _3 e1 b
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) r& g5 l) m/ t$ o$ sThe "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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2 d5 H) M% ]5 ~$ RIt 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 slowdown
% ~1 n& m7 h, |. V0 I9 Y8 p9 DCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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