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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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"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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9 ^0 I- c; R0 V4 T, k$ n3 [+ ACalgary to have Canada's fastest growing economy this year, Conference Board says5 E- R w; \3 s" t
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."8 ?, ^" }# ?% ?
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.% s$ g# X# ]6 Z$ D* F
( l3 U. F! k/ H7 ]9 e% B- G" o$ T"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."
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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.. m/ b% b" |$ m1 @+ R/ }
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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.$ E9 z3 Y/ p' ?4 `& n3 `. c: z" R
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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.3 B/ [4 A# S/ h" e0 R) ?
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Oil price rises to 2-year high above $58 US on supply slowdown4 J1 y2 d0 q$ M1 I- L) [1 \5 C6 G
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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