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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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# A% O$ T7 S* z( {"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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* @8 y3 V1 {1 o2 U( ^; dCalgary to have Canada's fastest growing economy this year, Conference Board says
8 x7 n5 @7 J. v8 h5 _5 A9 c9 p# fThe 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.) e; s' r4 ]: L* 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."" h/ |6 J4 `, L: P5 R
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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.% h) l8 r' X+ r; ~# C' O
8 e! X7 A6 {) t0 L" |" A! k' 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.( V' c+ N; A2 ]: L
& T- D" q& w9 O: R9 V"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.9 Z' U8 U P- R: k
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Oil price rises to 2-year high above $58 US on supply slowdown; t: a, W: V' j3 |% Q/ V2 X4 n
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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