OTTAWA – Alberta’s economy took a nosedive with the downturn in oil prices. Growth and employment have both taken a hit.
Here are some facts, including forecasts from BMO Capital Markets.
THE GOOD OL’ DAYS:
Growth: In 2014, the Canadian economy as a whole grew 2.5 per cent, while Alberta expanded 4.8 per cent.
Unemployment: That same year, the national unemployment rate was 6.9 per cent, while it was 4.7 per cent in Alberta.
Debt and deficits: In the 2014-15 fiscal year, Canadian governments as a whole had a surplus that measured about 0.1 per cent of gross domestic product. Alberta had a surplus of 0.3 per cent of provincial GDP.
AND NOW?
Growth: Canada is expected to grow slowly — 1.2 per cent in 2015 and 1.0 per cent in 2016. The Alberta economy, on the other hand, is expected to contract 2.8 per cent in 2015 and shrink again by 2.5 per cent in 2016.
Unemployment: The unemployment rate for the country is projected to hit 7.3 per cent in 2016. Alberta’s jobless rate is expected to climb in 2016 to 7.6 per cent.
Debts and deficits: For 2015-16, Canadian governments are expected to show a collective deficit of 0.2 per cent of GDP. Alberta will be deeper in the hole, with an expected deficit worth 1.8 per cent of its recoiling GDP.