This annual economic forecast for the province of Alberta examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Document Highlights
Oil prices will rise slowly over the long term but will remain below the $100 per barrel mark over the next 20 years.
Alberta’s economic fortunes will continue to be tied to the oil sands, although the lack of capacity to ship oil out of the province will hurt near-term revenues.
While wages have been pulled lower by the recent downturn, the average worker in Alberta will continue to earn more over the long term than average workers in any other province.
Growth in household spending will be robust over the forecast period, though at a slower pace than in previous decades.
Alberta’s vast oil reserves will help the province maintain a healthy trade balance, although it will be smaller due to weaker gains in oil prices.
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