Between high inflation, rising interest rates and the invasion of Ukraine, economies around the world are struggling to keep from slipping into recession.
Alberta’s economy faces the same challenges, but is on track to be one of the top performers in the country this year due to the offsetting boost it is receiving from strong commodity prices.
Our latest forecast pegs Alberta’s real GDP growth in 2022 at 5.0% (unchanged from our May forecast) and 3.0% in 2023 (down half a percentage point from May).
Growth continues to be led by our oil and gas sector, which is benefiting from strong production and drilling activity in the wake of oil prices averaging above US$100/bbl over the first eight months of the year.
Higher commodity prices and a weaker loonie are also boosting export revenues for most of our non-energy industries… read the full article at – https://hello.atb.com/the-owl-running-uphill