Alberta’s economy is expected to see the fastest growth in 2017. The Conference Board of Canada says the province’s real GDP is forecast to increase by 2.8 per cent this year, mainly thanks to fast-rising oil production.
“Following two tough years stemming from widespread weakness in the energy sector, Alberta’s economy finds itself with the strongest economic growth this year,” says Marie-Christine Bernard, Associate Director, Provincial Forecast. “Along with a big increase in oil production, some of the growth in Alberta will come from the rebuilding efforts in Fort McMurray. However, we expect more subdued economic growth next year as oil prices are not expected to increase very much.”
Of Alberta’s growth, 0.4 per cent is expect to come from rebuilding Fort McMurray. The recent announcement that OPEC has agreed to cut oil production has also helped, and the Conference Board Predicts WTI prices will average to $60 a barrel by the end of 2018.
All provinces are expected to see growth except Newfoundland and Labrador. B.C. and Ontario lead growth in 2016, but they’re looking to lose some momentum in 2017.