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ATB releases latest Economic Outlook: Alberta’s economy on track for growth, challenges remain

ATB releases latest Economic Outlook: Alberta’s economy on track for growth, challenges remain

Posted on: 8/31/2017 | Author: ATB Financial's Economics + Research Team

Alberta has said goodbye to the recession, but it will likely be a few more years before a stronger and more resilient economy fully emerges.

Today, ATB Financial is releasing its latest Alberta Economic Outlook. The Outlook summarizes the province’s current economic environment and provides insight into what may happen in the months and years ahead.

Oil prices have stabilized below $US 50. But even with price stability, the price itself still presents a challenge for producers in the petroleum industry. Drilling activity and hiring have picked up (modestly), but the oil and gas sector is still delicate after a rough couple of years.

Economic expansion will continue in agriculture, food processing, tourism and retail—which are all experiencing decent growth this year. Some of these industries could see record years in 2017. These sectors will also help foster economic diversity now and in the years ahead.

The province’s labour market has shown progress. The economy has added some 35,000 jobs over the past 12 months, though July’s job report showed there may be a few bumps and bruises to come.

ATB is forecasting real GDP growth of 3.2 per cent this year and 2.1 per cent in 2018. This represents an end to the 2015-16 recession and welcomes in a period of modest growth.

Read ATB Financial’s Alberta Economic Outlook

Alberta real GDP growth, graph

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