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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./ a8 z3 h; S7 `8 O
# |% D; O# a" H9 o/ }# }' \( t, r) k"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.
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" _( n5 c# Y; lCalgary to have Canada's fastest growing economy this year, Conference Board says0 C4 \6 \' U [. s! p. 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( Q8 j5 a9 s* x' U( Y/ _4 S8 m
- ~6 F& T! H3 p0 \/ _: q/ Q% {"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.% V% O# s; m, j" Q) g7 L& B6 k9 K7 n
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."3 ?2 ]! u' ?% b) Q9 q* E
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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.
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' G# Q+ w: J) I; {4 l6 ?8 E& BIt 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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) d: B6 W+ }6 @! u: G"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.6 O; N! S, O3 Q2 d6 j
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Oil price rises to 2-year high above $58 US on supply slowdown0 J: N4 m0 V) w0 j+ z8 o
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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