It’s good news for Alberta – the worst appears to be over.
That in a new TD Economics report that shows our province will lead the country in GDP growth over 2017 and 2018, thanks to oil production ramping back up.
They’re predicting the GDP growth will top two per cent in 2017 and 2018 – the highest of all provinces in both years.
It’s still going to be a “muted rebound” though – barely scratching the levels we saw in 2014.
Senior economist and author Michael Dolega says what we’re seeing here is for the most natural occurrence.
“Fair bit of the weakness this year and the strength next year is just gonna be bringing back on that production that was previously delayed. that sort of accounts for about half a per cent of GDP this year.”
Also, while there is still some weakness in the labour market, they think we’re close to bottoming out there as well.
“Going forward, the job cuts and layoffs should not be as apparent and there should be some stability on that side. So I think you can see it pretty broadly,” Dolega continues.
He adds another reason why Alberta will be at the top of the list is the other provinces will be dealing with slow downs.