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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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! q4 a2 Y; v/ B3 X$ }6 ^"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.( J, q" G& l4 Z i9 K9 R
k& m! x- M8 A3 A8 z9 bCalgary to have Canada's fastest growing economy this year, Conference Board says- c4 o7 k6 U; H" A4 ^2 y9 g+ j) R
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 }/ e/ }+ z! w) c: Q# P( U, n
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.% ?! z7 U9 Y1 D8 ?- L2 l$ ~% @) s
) U- J1 F: G: a5 L& J$ 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."1 @) e2 f& G( q! }/ O
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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.; }$ W! X" W( @
5 d9 C+ W H) F' F `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.2 F$ ^. ~! x" n% Q/ k$ w7 ?
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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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. ?8 m P( M K9 @& BOil price rises to 2-year high above $58 US on supply slowdown
; {! U5 ?2 {7 k5 i8 U( DCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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