Alberta expected to lead the way in future growth
Posted Jul 6, 2011 9:55 pm.
This article is more than 5 years old.
According to a new provincial outlook from the Bank Of Nova Scotia, Alberta is leading the way in terms of future growth potential.
Rates in Alberta are expected to be around 3.7 per cent this year into 2012 followed closely by Saskatchewan at 3.5 per cent and Newfoundland & Labrador in 3rd at 3.3 per cent.
Scotia Bank economist Alex Koustas tells 660News, a large reason for the growth is the oil and gas industry and other sectors that benefit from it including manufacturing and the service sector.
He says it’s all a trickle down effect from an increase in production and investment in oil and gas.
Consumer spending in Alberta is the highest per capita in Canada meaning people have more cash in pocket, which can be directly attributed to the oil and gas industry.
Koustas says it looks as if the oil and gas sector is on solid ground and efforts to diversify, especially in the medical sciences including nanotechnology and research should ensure a strong future for the province.
He adds, Alberta is a province that supplies emerging markets and that’s a key advantage with growth potential in Asia and South America.
