BMO: Alberta's oil riches driving Canada's economic growth this year #yeg #yegre
BMO: Alberta's oil riches driving Canada's economic growth this year
By The Canadian PressOctober 9, 2012 The Syncrude tar sands mine north of Fort McMurray, Alberta, November 3, 2011. Syncrude is one of the largest oil sands producers in Alberta.Photograph by: © Todd Korol / Reuters, Reuters
CALGARY - The Bank of Montreal says Alberta is expected to post the country's strongest economic growth among the provinces this year.
The bank predicts the oil-rich province will post real GDP growth of 3.5 per cent in 2012, falling back a bit to 2.9 per cent in 2013.
The energy sector's strength has attracted workers from elsewhere in Canada to Alberta, which has the country's lowest unemployment rate at 4.4 per cent.
But BMO economist Robert Kavcic says there are some risks to the energy sector, including rising costs and a lack of pipeline capacity to get Alberta crude to market.
The bank says Canada's overall real GDP growth is expected to be 2.2 per cent, with all B.C., Alberta, Saskatchewan and Manitoba all topping that rate.
Further east it's a different story — BMO sees Ontario posting growth of two per cent and the economies of Quebec and the Atlantic provinces growing at less than two per cent in 2012.
The Syncrude tar sands mine north of Fort McMurray, Alberta, November 3, 2011. Syncrude is one of the largest oil sands producers in Alberta.Photograph by: © Todd Korol / Reuters, Reuters
By The Canadian PressOctober 9, 2012 The Syncrude tar sands mine north of Fort McMurray, Alberta, November 3, 2011. Syncrude is one of the largest oil sands producers in Alberta.Photograph by: © Todd Korol / Reuters, Reuters
CALGARY - The Bank of Montreal says Alberta is expected to post the country's strongest economic growth among the provinces this year.
The bank predicts the oil-rich province will post real GDP growth of 3.5 per cent in 2012, falling back a bit to 2.9 per cent in 2013.
The energy sector's strength has attracted workers from elsewhere in Canada to Alberta, which has the country's lowest unemployment rate at 4.4 per cent.
But BMO economist Robert Kavcic says there are some risks to the energy sector, including rising costs and a lack of pipeline capacity to get Alberta crude to market.
The bank says Canada's overall real GDP growth is expected to be 2.2 per cent, with all B.C., Alberta, Saskatchewan and Manitoba all topping that rate.
Further east it's a different story — BMO sees Ontario posting growth of two per cent and the economies of Quebec and the Atlantic provinces growing at less than two per cent in 2012.
The Syncrude tar sands mine north of Fort McMurray, Alberta, November 3, 2011. Syncrude is one of the largest oil sands producers in Alberta.Photograph by: © Todd Korol / Reuters, Reuters
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