Alberta Government Predicts a Return to Growth
The Alberta government’s 2016-17 Third Quarter Fiscal Update and Economic Statement was released Thursday February 23. They predict Alberta’s economy will return to growth in 2017, following a prolonged downturn due to the oil price shock. While many Alberta families are still facing challenges due to the oil collapse, there continue to be green shoots in the economy:
- There were 199 rigs drilling in January 2017, the highest level since early 2015
- Alberta exports reached $8 billion in December 2016, 47 per cent above the low point in April 2016
- Employment has grown by 18,000 since bottoming out in July 2016
Alberta’s economy is expected to grow by 2.4 per cent in 2017, spurred by higher oil and manufacturing exports, a modest improvement in oil prices, continued public-sector infrastructure investment and continued reconstruction after the Fort McMurray wildfire.
However, the deficit continues to remain on track to reach 10.8 Billion.
For more information please read the government’s release here.