Calgary is forecasted to have one of Canada’s least fastest-growing metropolitan economies in 2015 being out ranked by 12 Canadian cities including Vancouver, Toronto, Winnipeg and Montreal.
According to the Conference Board of Canada’s fall 2015 outlook for major regions, Calgary’s oil price slump has hit its economy hard this year and its GDP is set to drop by 0.5 per cent.
When comparing this year’s GDP to last year’s country-leading growth rate of 5.1 per cent, the Calgary economy has taken a steep downturn.
“Among the 13 large cities covered in The Conference Board of Canada’s Metropolitan Outlook, Edmonton and Calgary will have the worst-performing economies this year,” Alan Arcand, the board’s Centre for Municipal Studies associate director, said in a statement.
“It’s not all bad news of course. With the price of oil expected to increase in the second half of this year, both cities are expected to see economic growth resume in 2016.”
While Calgary is forecast for an economic slump, our neighbors in Vancouver are forecast to have Canada’s fastest-growing metropolitan economy in 2015. Metro Vancouver’s economy is expected to grow at a rate of 3.4 per cent this year.
The Conference Board of Canada’s fall 2015 outlook for major regions compared the following 13 metropolitan Canadian cities economic growth:
1. Vancouver: +3.4%
2.= Toronto: +2.6%
2.= Winnipeg: +2.6%
4. Halifax: +2.3%
5. Montreal: +2.1%
6. Quebec City: +1.8%
7. Saskatoon: +1.7%
8. Regina: +1.6%
9. Hamilton +1.5%
10. Victoria: +1.4%
11. Ottawa-Gatineau: +0.7%
12. Edmonton: -0.1%
13. Calgary: -0.5%