This quarterly economic forecast for the province of Alberta examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Rising Oil Prices Boost Alberta’s Prospects: Alberta’s Two-Year Outlook—August 2021
Rising Oil Prices Boost Alberta’s Prospects: Alberta’s Two-Year Outlook—August 2021
Provincial Economic Analysis
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- Alberta will record the strongest real GDP growth in Canada over the near term, partly because its economy was due for a stronger bounce-back following the steep decline in real GDP during the pandemic.
- The solid rebound is partially linked to the recovery in world oil prices that has increased activity in the oil patch.
- The energy sector still faces major hurdles over the next several years due to the ongoing challenges in transporting oil to markets in the United States and other countries.
- Alberta’s housing market is just starting to see the momentum experienced in other regions in Canada last year, with home sales and housing starts up strongly from year-ago levels.
- It will be challenging for the provincial government to balance its books even over the medium term due to the weaker economic growth anticipated following the recovery from the pandemic—a development that will also lead to weaker growth in government revenue over the forecast period.
- Alberta’s oil exports will benefit from rising U.S. demand, solid gains in production, and increased pipeline capacity.
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