Increased exports, wholesale trade, manufacturing and earnings all point to an ongoing and broad-based economic recovery. Our government continues to advocate for pipelines to get our energy exports to market. Despite some setbacks on this front, Alberta’s economic recovery continues.
Alberta will be a leader when it comes to economic growth this year and next. The 2019 forecast has been revised upward to 2.7 per cent GDP growth. The number of rigs drilling in Alberta was up 6.7 per cent year-to-date. In other oil-producing provinces, the measure was down 9.7 per cent— meaning Alberta is bucking the trend.
Total revenue projections for the Province have grown by $1.2 billion with personal income tax revenues and resource royalties recovering better than expected. Beyond pipeline capacity, Alberta is forecasting 2018 real GDP growth to be 2.7 per cent and is revising upwards its 2019 forecast from 2.5 per cent to 2.7 per cent. Many economic indicators, including exports, manufacturing, rig activity and wholesale trade, have seen notable gains this year. Corporate profits are also expected to be higher in 2018.
Meanwhile, Alberta’s labour market continues to improve. Robust earnings growth has been coupled with job gains, adding to the large rebound seen in 2017.
Our government knows that it takes time for these economic indicators to be felt around the kitchen tables and in the wallets of Albertans. That’s why, as our economy diversifies, we’re committed to protecting the services you rely on— such as healthcare and education— while we work on getting our energy exports to new markets.
Questions, comments, or concerns? Feel free to email my office at [email protected] or call at 403-216-5430.
