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Recovery and growth in 2018 and 2019

Recovery and growth in 2018 and 2019

Posted on: 8/27/2018 | Author: ATB Financial's Economics + Research Team

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Alberta’s economy will continue to recover and grow over the next couple of years, according to ATB Financial’s latest Alberta Economic Outlook.​ Released last week, the report dives into our latest findings about Alberta’s economy and gives an idea of what the future may hold for Albertans.

The report notes growth in a few key segments of the provincial economy. Retail, wholesale and manufacturing sales are all up over last year and will help Alberta’s economy in 2018 and 2019. Agriculture and agrifoods, as well as transportation and the tech sector, are also doing their part to fuel the economic momentum.

Despite these positive notes, growth in a few key areas of Alberta’s economy have not been swift enough to push the unemployment rate down to pre-recession levels. There are also questions about the quality of new jobs and the compensation they offer, especially in the energy sector. Pipeline transportation, soured trade relations with the U.S., and a wider oil price differential are weighing on Alberta’s growth potential.

ATB has lowered its growth forecast by a tenth of a percentage point since the last Alberta Economic Outlook in May. This change comes with respect to a considerable deterioration in global trade relations. ATB is forecasting real GDP growth of 2.6 per cent this year, and 2.2 per cent in 2019.

ATB Economic Outlook Aug'18, graph

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