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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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& y: U! X! V" f1 n: `: z"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
: g$ @6 N6 B2 e' T; r% f, AThe 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." N6 e0 j2 f6 P2 D
) T! ~* G# R* Z3 K% a' e"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.") u- e, r: l) C- i9 j$ _% X
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' X7 t. @, g4 ^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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5 H2 g( M$ s7 X7 zIt 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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"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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/ V9 c2 u. O' P7 t2 g; Y0 s3 ~Oil price rises to 2-year high above $58 US on supply slowdown
: R9 U6 ~6 ?7 E3 sCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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