Good news, Alberta.
The recession that has plagued the province since 2014 has finally been lifted, as an ATB Financial study has found that Alberta is to expect a 3.2% increase in GDP growth in 2017.
This is coming in the aftermath of one of the economically worst years in Alberta’s history, with 2016 showing a 3.8% loss in GDP—a possible influence on how nearly 3,900 more people packed up and left Alberta than arrived last summer, according to the study.
Things may not yet be booming—the price of oil is still below the break-even $50 USD per barrel—but the study finds that Alberta is at least heading in the right direction.
“There is little question that Alberta’s economy has rounded the corner and the worst recession in three decades is now squarely in the rear-view mirror,” the study read. “It has been a turning point that many Albertans have been anxiously awaiting.”
It also added that while the Albertan economy is regaining its strength, it doesn’t appear to be returning to the shape it was in before 2014; During the recession Alberta evolved and diversified, becoming more akin to other provinces in Canada.
Roughly 35,000 jobs have been added in Alberta over the past 12 months—a 1.5% increase—though many are lower paying service jobs.
2018 and 2019 are estimated to continue GDP growth in the province, by 2.1% and 2.3%, respectively.