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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.* ]3 k+ D7 d# a9 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.3 v1 W8 q, Y" P( y z
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Calgary to have Canada's fastest growing economy this year, Conference Board says
* u6 |$ u- e+ {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.
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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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."7 r" L) P- d& p. J( I& F
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* z6 h& t, E2 X- zThe "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.) p; p; @. m! _
, _- |" F3 y6 u7 F q ^1 N) J& e) x0 WIt 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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2 \$ Q4 B, c0 o& _- H. W) G; d"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 slowdown2 n% E* y, q% K h, w9 h2 H
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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