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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.! @# ]5 Y, c. a; h" j8 K
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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.; o* ?4 \$ H( x; X0 L( N
+ f4 j; h; L/ v1 CCalgary to have Canada's fastest growing economy this year, Conference Board says ?# S6 K8 F0 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.2 i+ V0 l- N+ v% Z9 b) }: q& I
. Q) I) Z. s1 B6 g"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., t5 z @4 o- K# a0 s
1 n8 \4 }0 R, iIt 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.$ H4 j6 }! ?. n2 w1 V ^' v
8 T( p# B9 P) \. R* T, _"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.7 ~) a: u' N/ J: f' z
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Oil price rises to 2-year high above $58 US on supply slowdown; |. s8 O" }8 v( b# G- l
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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