Insights

The Owl: Focused on Alberta’s Economy

Retail sales, unemployment rate, population growth, inflation, international trade—these are just a few of the economic trends the team makes sense of in The Owl.

Economics News

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Wholesale revenue back on the rise

Alberta’s wholesale trade activity rebounded in March after a short-lived decline in the month before

The seatbelt sign is on, but Alberta’s economy is still moving forward

Our current forecast is for Alberta’s economy to grow by 5.0% this year followed by 3.5% in 2023

Inflation remained red hot in April

It was another tough month for consumers with year-over-year price growth in Alberta of 6.3% in April, down slightly from March (6.5%)

Manufacturing activity resilient in March

At $8.8 billion in March, Alberta’s seasonally adjusted manufacturing shipments were $350 million (+4.1%) up from February

New vehicle sales stalled again in March

Year-over-year sales in Alberta were down by 19.0% (3,943 vehicles) for a total of 16,763 new cars and trucks sold in March

Farm product prices continue to set records

Dry conditions, tight supplies and geopolitical disruptions continue to push farm prices up across the country

Whither oil prices?

The answer is clouded by the uncertainty and large number of moving parts that characterize oil markets

Alberta’s oil output holds near record levels

Alberta’s total oil output in the first quarter of 2022 was 331 million barrels, slightly higher than production over the same period in both 2021 and 2020

Construction intentions softened in March

The total seasonally-adjusted value of building permits issued by Alberta municipalities decreased by 2.8%

Wholesale and retail added the most jobs in April

Uneven employment growth across industries continues to mark the economic recovery in Alberta

Jobs jumped in Alberta in April

Alberta's unemployment rate in April 2022 was three points lower than 12 months earlier

Bienvenido: Economic relations between Mexico and Alberta

Mexico is Alberta’s third largest trading partner with over $3.1 billion of two-way trade

No signs of slowing down for export activity in Alberta

Alberta’s merchandise exports to international destinations gained momentum on the back of higher energy prices in March

Alberta’s GDP by industry in 2021

Thankfully, things turned around last year with economic activity increasing in all but three sectors

Statistics Canada has released new GDP estimates for 2021

Alberta’s GDP grew by 5.1% last year

Job vacancies higher than before the pandemic

The job vacancy rate in Alberta went from around 2.5% before the pandemic to 4.3% as of the last quarter of 2021

Show me the money: Wages lagged inflation in February

Consumer prices grew at more than five times the pace of wages in February

Alberta restaurants and bars did better in February

Activity at Alberta’s restaurants and bars improved as the province moved to Step 1 of its easing of public health measures on February 9, 2022

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