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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 ^3 b4 p; v1 i+ C. i7 U- Q- O5 q
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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- t& Y4 a9 S! O
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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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." Q; U7 ]. z/ H5 a
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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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5 Y1 ~4 b6 n. Q1 }, r2 E: L, ~6 DThe "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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It 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., o4 m* P& q: f) V( w* _
p# ` [% M7 X- d3 G' M 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.: j# b5 C: k7 l G* d
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Oil price rises to 2-year high above $58 US on supply slowdown
" |5 z+ U9 ^- J7 ?3 c9 X- Q& ~1 LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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