{"id":731009,"date":"2026-06-12T02:09:10","date_gmt":"2026-06-12T02:09:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/731009\/"},"modified":"2026-06-12T02:09:10","modified_gmt":"2026-06-12T02:09:10","slug":"alberta-leading-country-in-economic-growth-while-rest-of-canada-stalls-report","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/731009\/","title":{"rendered":"Alberta leading country in economic growth while rest of Canada stalls: report"},"content":{"rendered":"

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Estimated 4 minutes<\/p>\n

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Alberta\u2019s economy is staying the course despite uncertain tariff policies from the United States and the impact of the U.S and Israel-Iran war on global oil supply, according to a new report released Thursday.\u00a0<\/p>\n

\u201cMoving fast in the slow lane: Alberta\u2019s economy in 2026 and 2027\u201d is the latest quarterly economic report from ATB Financial.<\/p>\n

According to ATB, Alberta is forecast to lead the country this year in employment and economic growth. Real GDP growth is projected to be 2.6 per cent in 2026 and 2.4 per cent the following year. The Canadian economy is forecast to grow by 0.8 per cent in 2026 and 1.9 per cent in 2027.<\/p>\n

Alberta employment growth is forecast at 3.3 per cent in 2026 and 1.6 per cent in 2027.\u00a0<\/p>\n

Alberta\u2019s economic fortunes have long fallen and risen with the global price of oil. The province relies heavily on the resource sector for government revenue because it does not have a provincial sales tax.<\/p>\n

Not everything is rosy. Albertans are still struggling with food and energy costs, and youth unemployment is still high, the report notes.<\/p>\n

It also points to current investment uncertainty due to this fall\u2019s referendum on Alberta\u2019s future in Canada.<\/p>\n

The oil and gas industry is also in wait-and-see mode as it is watching for Alberta to submit a proposal for a new West Coast oil pipeline to Canada\u2019s Major Projects Office by July 1.\u00a0<\/p>\n

ATB chief economist Mark Parsons said while there is additional economic risk from tariffs and the negotiations to renew the Canada-United States-Mexico Agreement (CUSMA) this summer, approval of a pipeline from Alberta to the Pacific could be a huge boon for the Alberta economy.\u00a0<\/p>\n

\"MarkMark Parsons is the chief economist for ATB Financial. (Travis McEwan\/CBC News)<\/p>\n

\u201cWe could go through a period of stronger growth,\u201d he said. \u201cBut we’re taking a more cautious approach. We don’t want to build that in.\u00a0<\/p>\n

\u201cI think Albertans shouldn’t necessarily bank on that happening, but it is something to watch for.\u201d<\/p>\n

Impact of Strait of Hormuz closure<\/p>\n

The closure of the Strait of Hormuz due to the U.S and Israel-Iran war is expected to push Alberta\u2019s benchmark oil price for West Texas Intermediate to an average of $84 U.S. a barrel this year, according to ATB Financial. The financial institution had predicted an average WTI price of $61 for 2026 back in its December 2025 report.\u00a0<\/p>\n

The report forecasts a price of $70 U.S. a barrel in 2027, but only if the strait, through which about a fifth of the world’s oil normally passes through, is reopened to tanker traffic.\u00a0<\/p>\n

Despite these high prices, the report says oil companies are not spending on new projects aimed at expanding production. Instead they are focusing on efficiency by producing more from existing facilities.\u00a0<\/p>\n

The provincial government announced last month it would go ahead with a non-binding referendum this fall on whether to stay in Canada or move towards a future vote on independence that would be binding.\u00a0<\/p>\n

\u201cAccording to the Alberta Chambers of Commerce, half of Alberta businesses say separation is a top issue facing the province, with the majority saying it\u2019s impacting the economy,\u201d the ATB report says.\u00a0<\/p>\n

\u201cUncertainty of any form tends to weigh on business investment and overall economic activity.\u201d<\/p>\n

Moshe Lander is a Calgary-based economist who teaches at Concordia University in Montreal. He said he believes the ATB report needs to be put into context.\u00a0<\/p>\n

\u201cFantastic that Alberta is outpacing the rest of Canada, but that’s not something to be proud of when Canada’s at a standstill or maybe even a technical recession,\u201d he said.\u00a0<\/p>\n

\u201cAny growth then will be seen as a positive, but that’s by comparison only.\u201d<\/p>\n

Lander said the effect of the separatism movement is also a concern for Alberta’s economy.<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to this article Estimated 4 minutes The audio version of this article is generated by AI-based technology.…\n","protected":false},"author":2,"featured_media":731010,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":["post-731009","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/731009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=731009"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/731009\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/731010"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=731009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=731009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=731009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}