No recession for Alberta, just ‘zero growth’ as oil price nosedives –

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No recession for Alberta, just ‘zero growth’ as oil price nosedives –

by pmnationtalk on January 27, 2015414 Views

January 26, 2015

Alberta, the heart of Canada’s oil sand industry, is not headed for a recession this year as many have speculated, but economic activity in the country’s richest province is projected to grind to a virtual standstill, a new report released Monday claims.

According to TD Economics’ latest Provincial Economic Forecast, real GDP growth in Alberta will inch forward by only 0.5% this year before speeding up to 1.8% in 2016. The province led the country in 2014, with estimated GDP growth of 3.8%.

TD analysts reduced its oil price forecast to average US$47 per barrel for 2015 and $65 for 2016 — about US$15-US$20 per barrel lower relative to that anticipated in its December forecast.

“This oil price downgrade is expected to translate into a sharp widening in economic performances between the major oil-producing provinces of Alberta, Newfoundland and Labrador and Saskatchewan and other regions,” it said.

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