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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.8 N i$ d& [; t" ^- G
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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.; a! u9 m; ^4 i; ~; {
) k0 x& R9 [; y) }; ?* eCalgary to have Canada's fastest growing economy this year, Conference Board says8 P& ~- q1 g; T, E0 w$ 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."# y9 u( Q2 z4 [- U+ w7 J; M
( a% {& Q- r: c, I" i0 `6 wThe 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.0 d3 f2 }5 `! X: ?
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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. \& n) a9 H I; ]7 t$ v
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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.4 m8 M: ^+ R+ j6 w0 f# M6 l
6 c' S1 b9 T% y o"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.% M- a# K% @; G" l) R0 p
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Oil price rises to 2-year high above $58 US on supply slowdown
9 o9 B' @6 @) i( fCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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