Alberta economy on the road to recovery

Scotiabank report says only B.C. will outpace Alberta over the next two years

Mario ToneguzziA report by Scotiabank Economics says Alberta’s economic growth will be second in the country behind British Columbia over the next two years.

The Economic Commentary: Canada and The Provinces pegged Alberta’s gross domestic product to rise by 2.5 per cent in 2018 and 2.3 per cent in 2019.

British Columbia is expected to lead the country with growth rates of 2.6 per cent this year and 2.4 per cent next year.

Scotiabank forecasts employment growth in Alberta at 1.5 per cent in 2018 and the unemployment rate to drop for the year to 7.0 per cent from 7.8 per cent in 2017.

Housing starts will dip to 28,000 units this year from 29,000 a year ago but motor vehicle sales will rise to 248,000 from 245,000 in 2017.

The financial institution said Alberta’s economic growth was estimated at 4.3 per cent in 2017 after a 3.7 per cent decline in 2016.

From 2000 to 2016, the province’s annual growth averaged 2.7 per cent.

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.

alberta economyThe views, opinions and positions expressed by columnists and contributors are the author’s alone. They do not inherently or expressly reflect the views, opinions and/or positions of our publication.

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