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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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- h" C* }' V; q* s, B& y) n8 T" l"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.& s) R7 m- i2 X& U- p# T1 T
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Calgary to have Canada's fastest growing economy this year, Conference Board says6 W& {* U$ N: B# z% W5 h& B
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."2 p+ Z" f& W- i, ~
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.+ l) D/ ]4 O0 J% Q, \
$ [$ a3 ]* q" Q* G"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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."5 n4 ^: p8 M6 e9 a
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( x/ R0 |: P { K$ C, P% H" r2 }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.( l0 S, R& }2 R) \ G
5 t3 b2 r7 M3 G3 [! `/ A1 eIt 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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& C7 C3 U# }3 u3 z3 U9 k2 @"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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) \& J5 M2 x" m% |" G% UOil price rises to 2-year high above $58 US on supply slowdown
6 h9 N3 F3 m" Z- \7 n1 gCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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