ATB Financial’s newest economic outlook shows a sharp decline in economic growth since March 2019.
“We've cut our growth forecast in half from where it was in March," said ATB's Chief Economist Todd Hirsch. "With real GDP growth of just 0.7 per cent, it is going to feel slow in our province."
Key findings of the Alberta Economic Outlook include slower job growth, weak retail sales growth and a continued decline in capital oil investment and drilling rates.
Oil and gas pipeline challenges are expected to continue.
“At the moment, domestic challenges to new pipeline development are hindering Alberta's economy," said Hirsch. "Hopefully, a major global slowdown will be avoided and not add to the barriers we face."
ATB’s analysis shows that manufacturing sales are expected to perform well in the coming year. Agriculture and agrifoods are also showing encouraging signs and new opportunities in Alberta.
