Commodity Prices Continue to Drive Growth: Alberta’s Three-Year Outlook

This quarterly 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.

Alberta’s real GDP will expand in 2023, but will growth also pick up in 2024 and 2025? How does Alberta’s labour market fare relative to most other Canadian provinces and will employment rise in 2023? What will be the effect on the unemployment rate due to the ongoing economic slowdown and the fact that some migrants are still integrating into the labour market? How much will rising interest rates and high inflation soften consumer spending? Will oil and gas producers increase capital spending? And how will Alberta’s government finances fare with the energy price situation? Read the issue briefing to get our full analysis.