{"id":22962,"date":"2017-02-23T19:36:11","date_gmt":"2017-02-24T00:36:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22962"},"modified":"2017-02-23T19:36:11","modified_gmt":"2017-02-24T00:36:11","slug":"rising-oil-production-will-push-alberta-economy-to-fastest-growth-in-country-in-2017-conference-board","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22962","title":{"rendered":"Rising oil production will push Alberta economy to fastest growth in country in 2017: Conference Board"},"content":{"rendered":"
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Rising oil production will push Alberta economy to fastest growth in country in 2017: Conference Board<\/a><\/h3>\n<\/div>\n

Solid increases in oil production, Fort McMurray rebuild will be the difference in Alberta this year<\/strong><\/p>\n

\"The<\/p>\n

The Conference Board of Canada forecasts Alberta will see a 2.8 per cent growth in real GDP in 2017. (Larry MacDougal\/Canadian Press)<\/p>\n<\/div>\n<\/div>\n

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After two difficult years, Alberta’s economy is climbing out of recession thanks in part to oil prices, but the Conference Board of Canada warns the road to a full recovery will be long.<\/div>\n
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In its\u00a0winter quarterly report<\/a>\u00a0released Thursday, the board projects Alberta will lead the country in terms of real GDP growth in 2017, which is forecast at 2.8 per cent.<\/p>\n

“The recent stability in oil prices has encouraged optimism that the worst is over, laying the foundation for a modest gradual recovery in capital spending in the energy sector,” the report said.<\/p>\n

Oil prices are expected to remain low, which will hinder economic recovery and pull overall real GDP growth down to 1.9 per cent in 2018, the report says.<\/p>\n

The OPEC factor<\/strong><\/p>\n

However, an agreement made between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries in late 2016 to\u00a0cut crude oil production by 1.8 million barrels per day<\/a>\u00a0supports a stronger price outlook for Alberta’s energy sector, the report says.<\/p>\n

While OPEC restrains itself, Alberta’s output is forecast to increase, as new oilsands projects come online.<\/p>\n

The price of crude oil is also expected to rise to almost $60 US by the end of 2018.<\/p>\n

That energy sector recovery is good for the Canadian economy as a whole, according to Marie-Christine Bernard with the Conference Board.<\/p>\n

“There was very weak growth for Canada as a whole in the last two years,” she said.<\/p>\n

“The difficulties in the resource sector and in particular in the energy sector really hurt investment. That really pulled economic growth down in Canada to one and one-and-a-half per cent on average over the last two years.”<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Rising oil production will push Alberta economy to fastest growth in country in 2017: Conference Board Solid increases in oil production, Fort McMurray rebuild will be the difference in Alberta this year The Conference Board of Canada forecasts Alberta will see a 2.8 per cent growth in real GDP in 2017. (Larry MacDougal\/Canadian Press) After […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[7264,1082,103,14885,595,600],"class_list":["post-22962","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-abc","tag-alberta","tag-canada","tag-conference-board-of-canada","tag-oil-production","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22962"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22962\/revisions"}],"predecessor-version":[{"id":22963,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22962\/revisions\/22963"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}