ATB Financial forecasts modest economic growth in Alberta this year

By The Canadian Press
February 16, 2018 - 6:25am

CALGARY- ATB Financial is forecasting moderate economic growth this year, but no big drop in the province's jobless rate.

ATB is projecting GDP will increase by 2.8 per cent.

Chief Economist Todd Hirsch says that is better than the recession years of 2015 and 2016, but not as strong as 2013 and 2014 before the economic downturn.

Hirsch says the unemployment rate is expected to come down gradually from 7.9 per cent to about 6.8 per cent.

He says U.S. oil prices have strengthened, but Alberta isn't benefiting because there isn't enough pipeline capacity to get the province's heavier crude to markets.

ATB says non-energy industries such as agriculture, tourism and technology are expected to perform well this year.

(The Canadian Press) 

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