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Sept 19, 2023

Alberta economy weathers inflation

In the past year, Alberta's economy has weathered the inflation storm better than most. Strong population growth and a revitalised energy sector will continue to put Alberta's economy ahead of the crowd even as it slows in the face of higher interest rates, says a report from ATB Financial. 

Consumer spending, employment, and population growth have been stronger than expected in ATB’s previous outlook. The forecast is for real GDP growth in Alberta of 2.7% in 2023, up from 2.4% in June. However, with interest rates now looking to be ‘higher for longer’ ATB has lowered its growth forecast for 2024 to 2.0% from 2.2%. 

"Alberta's economy has weathered formidable storms, including the tumultuous oil price crash of 2014-15, market access hurdles in 2019, and the unprecedented challenges of the 2020 pandemic. The province's economy has recovered and is now firmly in expansion mode," says Mark Parsons ATB Financial's chief economist. 

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