2017 CREB Mid-Year Forecast Update Report
After the first half of the year, the economic climate in Alberta appears to be shifting from recession to recovery, with oil prices improving from monthly lows of $30 US per barrel last year to an expected average of $49 this year. While the shift is a welcome change, the pace of recovery is expected to be slow, as economic conditions are supporting stability rather than expansion.
The large drop in energy prices followed by two consecutive years of low prices brought significant cost-cutting measures throughout the energy sector, pushing our economy into a two-year recession. Contraction was not isolated to the energy sector, but spread to many other industries. Overall, 65 per cent of Alberta’s industries recorded contractions over the two-year period.