Conference Board outlook paints bleak picture for Alberta in 2015

Must Read

Officers testify in Site C shooting inquest

The former Dawson Creek police officer who shot and killed James McIntyre outside a Site C open...

Provincial COVID-19 State of Emergency extended to October 13

VICTORIA, B.C. – The Province is extending the COVID-19 pandemic State of Emergency for an additional two weeks. According to...

City of Fort St John holds Annual Tax Sale

FORT ST. JOHN, B.C. - The City of Fort St. John held its Annual Tax Sale on Monday, September...

CALGARY — Finance Minister Joe Oliver’s assertion that there’s been no recession in Canada this year is of little solace in Alberta.

A new report by the Conference Board of Canada paints a bleak economic picture of the oil-producing province, which has been hit hard by a halving in crude prices.

The think-tank says low oil prices are severely hampering the province’s economy and expects a one per cent contraction in real gross domestic product this year.

- Advertisement -

It foresees the rough times persisting for the remainder of 2015 as oilpatch layoffs hit home and new home building stalls, but says next year should be better.

It forecasts a provincial unemployment rate of 5.6 per cent in 2015, worse than 4.7 per cent in 2014.

Todd Hirsch, chief economist at Alberta-owned bank ATB Financial, said earlier this week that he’s predicting a modest recession this year, with a return to growth in 2016.

Follow @LaurenKrugel on Twitter

The Canadian Press

- Advertisement -

Community Interviews with Moose FM


Subscribe to our newsletter

Get the latest news delivered to your mailbox every morning.

Advertisement


More Articles Like This