Province 1st Quarter Reveals Slightly Improved Fiscal Picture

On Friday, August 31, the government of Alberta released its first quarter fiscal update.

The government predicts Alberta will be a leader when it comes to economic growth this year and next. The 2019 forecast has been revised upward to 2.7 per cent GDP growth. The number of rigs drilling in Alberta was up 6.7 per cent year-to-date. In other oil-producing provinces, the measure was down 9.7 per cent.

Total revenue projections have grown by $1.2 billion with personal income tax revenues and resource royalties recovering better than expected.

Highlights:

• Average weekly earnings in Alberta have seen solid growth this year, increasing by 3.2 per cent as of May.
• Employment is up 1.7 per cent year-to-date, with full-time gains accounting for the entire increase.
• The number of rigs drilling in Alberta was up 6.7 per cent year-to-date. In other oil-producing provinces, this measure was down 9.7 per cent.
• Wholesale trade remained solid in the first half of 2018, and is up 7.9 per cent year-to-date.
• Manufacturing shipments are up 5.4 per cent year-to-date, and are less than five per cent below the July 2014 peak.
• The total output of crude oil is up 9.8 per cent year-to-date, with gains in both conventional and non-conventional production.
• Alberta’s population continues to expand faster than the national average. It is estimated that the provincial population increased by 62,000 people between July 2017 and June 2018.

You can read the full update here.