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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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( c6 @, U+ j' r3 r"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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/ O$ f( I; R, z( U: r; P. J4 MCalgary to have Canada's fastest growing economy this year, Conference Board says
( P# d4 u$ z# C) CThe 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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; d9 ^ L3 k) V: {* r" @The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& o7 k5 V0 a7 |0 ~% `4 I/ J
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"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.; d: ^3 h. K* G o$ f ]5 v
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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.
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9 f- M9 u1 w" n) U6 gIt 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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Oil price rises to 2-year high above $58 US on supply slowdown
9 u5 E. t# S7 m V: x( ~9 T% YCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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