RBC improves forecast for Alberta economy
Posted Dec 8, 2015 7:31 am.
This article is more than 5 years old.
RBC has slightly bumped up its expectations for Alberta’s economy next year.
The bank is forecasting the province to climb out of a GDP decline of 1.3 per cent this year, to post a gain of 0.9 per cent in 2016.
Chief Economist Craig Wright says the recent NDP budget pushed the bank to raise its projection three tenths of a point from September.
“What we’re seeing is initiatives from the provincial government to spur growth prospects. So, pumping more money into the economy provides a bit of a lift, and the infrastructure focus is mostly a domestic story, so that provides the biggest bang for their buck,” he said.
Wright says they based their projections on oil climbing back up to about $60 a barrel by the end of a next year
It sank to a nine year low Monday, closing at $37.65 U.S. per barrel.
