Western provinces to lead economic growth in 2017

OTTAWA- Alberta and Saskatchewan are expected to emerge out of recession and lead the provinces in economic growth this year, according to The Conference Board of Canada’s Provincial Outlook: Spring 2017.

“The difficulties in the resources sector are slowly dissipating and helping Alberta and Saskatchewan emerge out of recession.

However, the turnaround is still in its early stages and a full recovery will take time,” said Marie-Christine Bernard, Associate Director, Provincial Forecast, The Conference Board of Canada.

Highlights:

Alberta will have the fastest growing provincial economy this year, with real GDP forecast to increase by 3.3 per cent.

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Saskatchewan and British Columbia’s economy will tie for second place, both expected to grow at 2.5 per cent this year.

With the exception of Newfoundland and Labrador, all provinces will see their economy expand this year.

Following two years of contractions, Alberta’s economy is expected to outperform all provinces and grow by 3.3 per cent this year.

Non-conventional oil production in the province will see a big increase this year thanks to new capacity coming online, while energy investment is expected to make a comeback this year and next.

Outside of the energy sector, Alberta is benefiting from improvements in labour markets, consumer demand, and the housing sector.

A bright outlook for the province’s manufacturing sector as a result of the new Sturgeon refinery, along with the rebuilding efforts in Fort McMurray, will also contribute to Alberta’s strong economic growth this year.

(Gary McKinnon)