Conference Board of Canada predicts that Alberta’s economy is on pace to grow by a blistering 6.7 % this year, far outpacing every other province.
Marie-Christine Bernard, director of the organization’s provincial forecasting said, “Thanks to rising oil production and a swift turnaround in drilling levels, Alberta surged out of recession this year.”
“With oil prices steadily improving since the summer, Alberta’s economic performance could well surprise on the upside once more.”
The report comes two days after a projection from ATB Financial that pegs real GDP growth of four per cent in Alberta for 2017, “which is likely to be the highest among the Canadian provinces.”
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.
It forecasts provincial GDP to grow by 2.1% in 2018, behind British Columbia’s projected rate of 2.7 per cent and Newfoundland and Labrador’s 2.4%.