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Rising oil production will push Alberta economy to fastest growth in country in 2017: Conference Board
Solid increases in oil production, Fort McMurray rebuild will be the difference in Alberta this year.
After two difficult years, Alberta's economy is climbing out of recession thanks in part to oil prices, but the Conference Board of Canada warns the road to a full recovery will be long.
In its winter quarterly report released Thursday, the board projects Alberta will lead the country in terms of real GDP growth in 2017, which is forecast at 2.8 per cent.
- Alberta's recession will end in 2017, Conference Board predicts
- 'Modest upswing' for Calgary economy next year, Conference Board predicts
"The recent stability in oil prices has encouraged optimism that the worst is over, laying the foundation for a modest gradual recovery in capital spending in the energy sector," the report said.
Oil prices are expected to remain low, which will hinder economic recovery and pull overall real GDP growth down to 1.9 per cent in 2018, the report says.
The OPEC factor