Canada: Alberta the fastest growing economy in Canada

Arecent report released by the Conference Board of Canada has forecast Alberta’s real GDP to expand by 2.8% in 2017, giving it the most robust growth across Canada. Most other provinces are also expected to see growth, with Ontario expected to grow 2%, British Columbia, Manitoba and Quebec all expected to grow by 1.9%, and Saskatchewan to grow 0.9%. Atlantic Canada will see mixed results, with Prince Edward Island expected to grow 2.2%, New Brunswick 1.8%, and Nova Scotia 0.8%. Newfoundland and Labrador is the only province expected to contract, with the economy likely to shrink by 1.8%.

Most other provinces are also expected to see growth and Atlantic Canada will see mixed results. Newfoundland and Labrador is the only province expected to contract.

The report also noted that the economic expansion in Alberta is not expected to produce many new jobs, with the strong rate of growth reflecting a rebound from “rock bottom”, and a temporary boost from reconstruction effort in Fort McMurray after last year’s wildfire. Positive gains to the labour market are expected in Atlantic Canada, with employment in Nova Scotia expected to see the first major gain since 2012.

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