(Michael Wood – Calgary Herald)
Alberta is officially out of recession, but don’t break out the bubbly and party hats just yet — it will be years before the province sees a full economic recovery.
That’s according to the latest economic outlook from ATB, which notes the province will see real GDP growth of around three per cent in 2017 with tourism and agriculture leading the way. Oil and gas are still the engines that power Alberta’s economy, the report said, although oil prices are expected to average below $50 per barrel for the remainder of 2017.
“At those levels, Alberta’s energy sector struggles. Drilling activity and hiring has picked up modestly, but growth in the sector remains tenuous and not likely to snap back to pre-recession levels anytime soon,” said Todd Hirsch, ATB Financial’s chief economist. Click here to read more.