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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.: ]( T5 g& U5 @' z7 y
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
* `- ]1 \' b5 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."6 L7 X" Z% {; ~2 W0 Z
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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.! S' b/ i9 ~" U0 y6 L' q' M
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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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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 b3 I6 Q9 n, x7 j0 a# 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.4 x" z5 w I; u) K! X% e
% k1 E5 }5 K- @5 ~" 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.
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; T1 J" a( z! `3 {% X1 v) ?Oil price rises to 2-year high above $58 US on supply slowdown! Y3 H. Q+ K/ H9 D1 B: F
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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