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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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+ Y- m% s! A& d0 Z" g T! o( _"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 says2 I* @8 Z' U# e8 K( t( M
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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% W! |3 a) b& Z* P# u$ _7 IThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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, ~# [- ]3 H/ a"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."/ F$ G' Z; q2 u; h ~8 x b8 o$ h
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! A$ ]. F4 L, J% h, g' [" ]5 ~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 x' ^/ ^: R6 j( B6 H% fIt 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.+ c& u# p; _) P: Y" R! b
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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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# a2 l4 y1 W _Oil price rises to 2-year high above $58 US on supply slowdown/ k1 O) n4 {2 @9 c" b1 f* v
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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