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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.6 {: Y- J: v* @% s Y) W2 j
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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.9 L' n" K1 L. w6 j7 i; B
% E0 d* l. B3 }. g$ F; ?Calgary to have Canada's fastest growing economy this year, Conference Board says6 K. X2 D9 X- W3 g9 K. 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."
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: w5 C4 k% a! P3 P6 Z* tThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 X; J1 ]0 A+ V7 i( F% y
; k$ W2 `% w* d/ B6 C"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 W& s( E2 w% d) ~! W
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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., r# X- A% X) q# m/ M3 x3 O
$ E0 r2 [9 s) J. 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.+ u: V9 B4 u0 ?% \( |( W* E$ b, }0 i
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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.1 N2 j) N# \6 {" x
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Oil price rises to 2-year high above $58 US on supply slowdown
: H, D V o# ?8 n; `. Y9 WCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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