Alberta to see modest growth despite low oil prices, says Conference Board
CALGARY – The Conference Board of Canada says Alberta should see modest economic growth next year despite persistently low oil prices.
It predicts the province will see real GDP growth of 1.2 per cent in 2016 after the economy shrank by 1.2 per cent this year.
The Conference Board said low oil prices led to a 15.2 per cent drop in energy investments this year and will mean $11 billion less in the province’s economy by the end of next year.
Saskatchewan’s energy-reliant economy is also expected to bounce back out of recession next year with two per cent GDP growth, while Newfoundland and Labrador’s economy is expected to shrink by 0.8 per cent.
British Columbia is anticipated to lead the country with 3.6 per cent growth in 2016, thanks especially to strong construction and housing sectors.
Manitoba is forecast to be the second-fastest growing province with 2.5 per cent growth, while Ontario’s economy is projected to grow by 2.3 per cent.
Prince Edward Island and New Brunswick are both expected to see modest growth of 1.6 per cent, while Nova Scotia is expected to see 2.3 per cent growth, in part due to the federal shipbuilding contract for the navy.
© 2015 The Canadian Press