Alberta's growth 'strongest ever': StatsCan
Alberta is in the midst of the strongest period of economic growth ever recorded by any province in the country's history, Statistics Canada said Thursday.
A feature article in the September edition of the Canadian Economic Observer â€” titled "The Alberta economic juggernaut" â€” says the "unprecedented scale of Alberta's prosperity is still not widely appreciated."
The report's authors note that Alberta's GDP rose by 43 per cent between 2002 and 2005, driven by the oil and gas boom. That puts Alberta's growth rate not far behind that of China's â€” the world's fastest growing large economy.
Alberta's per capita GDP was $66,275 last year, double what it was 10 years earlier. That figure was also 56 per cent above the national average â€” the biggest spread ever recorded.
Soaring oil and gas exports led to a more-than-doubling of corporate profits between 2002 and 2005.
The report also notes that Alberta has the country's highest hourly earnings ($20.94), the lowest unemployment rate of any province or U.S. state (2.9 per cent), and the strongest growth in consumer spending.
"So far this year, nominal retail sales are running an astonishing 17 per cent ahead of 2005, on track for the best year of any province ever," the report said.
Alberta also has the highest personal savings rate in Canada (5.1 per cent), and the youngest and fastest-growing population.
My province KICKS ASS!!!
Eat it bitches!