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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.9 [4 ?2 t" u1 u! c- k2 w* R
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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.
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0 p" o1 C2 n( b6 M* TCalgary to have Canada's fastest growing economy this year, Conference Board says! I" Q/ v) F9 {" h( ]* K
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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8 C2 W3 i9 p5 t. b* tThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.3 w4 O; e# ?0 I( s* D3 c4 O
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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."
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. \* ~! d f' QThe "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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' n; C. ~$ l6 L) u( y) _( {+ 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.% e, M) g8 Z4 K# z
" s2 G5 l/ P/ w6 \1 t5 b/ e4 e"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.. E8 I' R" Q, c; M
# B* S8 k8 S s7 R; iOil price rises to 2-year high above $58 US on supply slowdown
; R' X0 T: u/ V2 r2 lCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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