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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.7 f: ~3 V& ?( m) k& f# _! D" T: S6 S: z
H" b ]$ }/ |$ J! K( i"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 says6 ]9 S' F6 F" V8 S1 ~5 {* q6 W
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."2 d2 J: d: q& G
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.5 d: R! F9 j% q) b8 d' b4 V
2 L+ }% i, N6 S% `( k, \* |"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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& [5 N+ W7 c, Q1 j"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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! b! ~' ~$ s/ rThe "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' N2 X/ h; H( ?* ?
2 E6 i$ g. u: sIt 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.- B l+ f' J$ F6 S
; f0 d3 U) ]! X: `, t- d+ 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.
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Oil price rises to 2-year high above $58 US on supply slowdown. Q \" U. J3 _4 e/ q# Q% z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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