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</html>";s:4:"text";s:30346:"The industry provides direct employment to almost 200,000 Canadian residents. Prolonged unemployment and consumer optimism had a huge impact on home sales forecasted out to 2022. Includes data for NAICS codes 113, 1153, 321 and 322. Alberta’s construction industry is largely comprised of small businesses that are collectively generating 8% of provincial GDP and employing one in 10 working Albertans. Canada is a world-renowned auto manufacturing centre, from component parts to assembly, and still one of the foremost auto-making jurisdictions. This annual release of Gross Domestic Product (GDP) by Industry by Statistics Canada provides current measures of Gross Domestic Product by Industry, at the provincial and territorial level.. Overview. In 2020, Alberta had the highest energy intensity by GDP in Canada, using 14.25 MJ of primary energy for every dollar of GDP generated. For instance, suppose we had a 10-person economy with a total GDP of $1 million. COVID-19 had a tremendous negative effect on Canada’s economy with many industries reporting negative growth. Investment in the province’s oil and gas sector plunged between 2014 and 2019 to C$26bn ($19bn), around 6% of GDP (see chart). Financial institutions operating in Alberta agree on one thing: there will be growth in 2020. In 2018, Canada legalized recreational Marijuana, giving birth to an industry that has gone from strength to strength since. Outlook of rural businesses and impacts related to COVID-19, first quarter of 2021. By way of comparison, Alberta’s GDP was 7.0 per cent smaller at the end of the 2015-16 recession than it was in 2014. Based on the current capacity that exists within the industry it is well placed to be the engine for economic recovery and growth in the province. The Bank of Canada calculated that Alberta's oil industry contributed only 3.4% to Canada's GDP in late 2019. Canada GDP growth in different scenarios Source: Oxford Economics Our pre-crisis forecast had Canada’s economy growing at a slow but steady rate in 2020. The recession won’t be as severe as the one in 2015-2016, the report adds. 2018 provincial GDP by industry Attention is turning to what the economy will look like after the storm. A considerable 27.3% of provincial GDP in 2018 came directly from the volatile natural resources industry. Hospital redevelopment in Alberta. March 18, 2020, 4:09 PM EDT Updated on March 19, 2020, 12:00 AM EDT Benchmark price for Canada’s oil sands dips below $8 a barrel Industry that generates 10% of country’s GDP … According to the Conference Board of Canada Provincial Economic Outlook, the province is looking at a 11.3 per cent decrease before seeing a 7.9 per cent increase in 2021. A considerable 27.3% of provincial GDP in 2018 came directly from the volatile natural resources industry. Whether it's homes and workplaces, or the roads to reach them, the construction industry builds them. The next release is September 4, 2020. After contracting by an estimated 7.8% in 2020, real Gross Domestic Product (GDP) is forecast to partially rebound by 4.8% this year. GDP decreased in all provinces by a significant amount. In addition, GDP per capita has little to say about income distribution. In its Provincial Monitor report, BMO Capital Markets is predicting the province’s economy will grow at a two per cent pace in 2020 – second in Canada just behind nation-leading British Columbia’s forecast 2.2 per cent growth. Accounts receivable in excess of 70 days is common, indeed, the industry … GDP in New Brunswick, Manitoba and Yukon all advanced a modest 1.0% each. Newfoundland and Labrador – C$65,556 Published April 5, 2020 . That’s just shy of the Saskatchewan government’s $80 million investment in a new stadium for the Saskatchewan Roughriders, the province’s beloved CFL team. Another economic forecast is predicting positive economic growth for Alberta next year. A table listing total GDP (expenditure-based), share of Canadian GDP, population, and per capita GDP in 2019. This industry is not only growing at a rapid pace, it’s providing high-paying jobs and boosting gross domestic product (GDP). Alberta’s real GDP is facing its largest decline in modern history. Presently, Alberta has over 22,000 registered commercial carriers moving 51.3% of Alberta’s GDP. TD Economics forecast an annual negative 7.9% real GDP and an unemployment rate of 12.2% for 2020. COVID-19 had a tremendous negative effect on Canada’s economy with many industries reporting negative growth. ..... 25 Figure 7. It also had dozens of post-secondary institutions. B.C.’s tourism GDP clearly expanded by more than 3.5%, lifting tourism GDP to more than $8.5 billion, in 2019. - The Conference Board of Canada, Winter 2021; Statistics Canada, 2021 Key Stats 8 of the Top 10 World Banks and 8 of the Top 10 Investment Banks have a presence in Calgary - The Banker Database, 2020; Investment Banking Scorecard, WSJ, 2020 Take a look at our Outlook 2020: Emerging Trends in Electronics. CBC News - Alberta saw the largest decline in real gross domestic product in 2020 of all the provinces, while Northwest Territories had the biggest drop in the … Alberta's GDP plummeted most of all provinces in 2020, while N.W.T. Alberta’s real GDP by industry eased by 0.6% in 2019 following 1.9% growth in 2018. COVID-19 had a tremendous negative effect on … In 2020, the Cannabis industry was the highest growing industry in Canada in terms of GDP- 49.5% growth from 2019. Alberta’s agri-food sector is an important part of the Alberta economy, contributing $9.2 billion in gross domestic product (GDP) and employing more than 77,000 Albertans. Alberta’s Associate Minister of Natural Gas and Electricity, Dale Nally, said during a Reuters Events Downstream conference in November that the Alberta Petrochemical Incentive Program (APIP) targets $30 billion in investments in new petrochemical plants as well as expanded facilities. In 2016, the province had 2,388 public, private, separate, charter, and other K -12 schools. Alberta’s agri-food sector is an important part of the Alberta economy, contributing $9.2 billion in gross domestic product (GDP) and employing more than 77,000 Albertans. In 2020, the Cannabis industry was the highest growing industry in Canada in terms of GDP- 49.5% growth from 2019. DISTILLATION TAX BREAK CONTROVERSIAL. Gross Domestic Product (GDP) by industry December 2020; Annual change in Gross Domestic Product (GDP) in Canada 2020, by industry ... StatCan. A considerable 27.3% of provincial GDP in 2018 came directly from the volatile natural resources industry. It’s remained flat: In 2018 over to 2019, so we might be seeing a saturation point. The irrigation industry contributes up to $3.6 billion annually to Alberta’s GDP, which represents about 20 per cent of the agri-food sector GDP on … New experimental measures of economic activity in Canada find that Alberta was hardest hit by economic disruption in early 2020. Updated. The Week Ahead: Canadian GDP, Alberta starts reopening Noah Zivitz, Managing Editor , BNN Bloomberg Shoppers wearing protective masks exit a Vancouver hardware store next to a closed Starbucks coffee shop in November 2020. This statistic shows the gross domestic product of Edmonton, Alberta, at constant prices from 2009 to 2017. Even so, we still believe that the Canadian economy will contract by roughly 6% in 2020, by far the deepest The impact on Alberta’s GDP would be 1.5-2% and government royalties would be $10.5 billion higher. Q2 2020 hedge fund letters, conferences and more. Alberta’s agri-food sector is an important part of the Alberta economy, contributing $9.2 billion in gross domestic product (GDP) and employing more than 77,000 Albertans. Key indicators include GDP, employment and housing starts, and are forecast from 2020-2030. In data collected by Restaurants Canada, the food service industry in Alberta is VALUED AT $12 BILLION and represents 3.4 per cent of our province’s GDP. Although production will increase by 1.27 million barrels per day (b/d) by 2035, that growth rate is about 6% less than CAPP’s 2018 forecast.. Total annual production is expected to increase by an average of 3% until 2021, then slow to an average growth rate of 1% annually. Alberta’s Associate Minister of Natural Gas and Electricity, Dale Nally, said during a Reuters Events Downstream conference in November that the Alberta Petrochemical Incentive Program (APIP) targets $30 billion in investments in new petrochemical plants as well as expanded facilities. The government says the economy will start to bounce back next year, but it won’t be enough to make up for the ground lost in 2020. In the budget, the Alberta government said it was committed to keeping net debt-to-GDP under 30% as a fiscal anchor. Its deficit for the year is expected to drop to a still sizeable to $18.2 billion (5.4% of GDP). ... the state of the global oil industry. Learn about funding opportunities and projects here. Alberta’s real GDP will decline 6.8 per cent this year as the economy suffers through the COVID-19 pandemic and the measures put in place to contain it. India's GDP to grow at 1.3 pc in Mar quarter: SBI report ... 23 June 2020. In 2020, the Cannabis industry was the highest growing industry in Canada in terms of GDP- 49.5% growth from 2019. Support for independence is no longer limited to a small fringe. Although, Alberta’s economy is expected to shrink this year, the board forecasts a rebound in 2020. ..... 23 Figure 6. Here are a few highlights for Alberta: Alberta’s GDP dropped 8.2% in 2020, the largest decline among the provinces, and its fourth annual contraction in 12 years. It is our province’s THIRD-LARGEST PRIVATE SECTOR EMPLOYER. These conditions should translate into a growth rate of about 1.7% for the Canadian economy in 2020. Gross domestic product of Alberta, Canada from 2000 to … The exceptional prosperity of the economy of Alberta is substantially a consequence of the province’s oil wealth. Table 36-10-0402-01 (formerly CANSIM 379-0030) Gross domestic product (GDP) at basic prices, by industry, provinces and territories (x 1,000,000). Summary. hit hardest in country | CBC News - Flipboard Gross domestic product (GDP) by industry, province and territory (71-607-X2019024) Infrastructure Statistics Hub (71-607-x2018013) International merchandise trade monthly interactive dashboard (71-607-x2020013) Overview of the industrial capacity utilization rate: Interactive tool (71-607-x2019029) Alberta’s real GDP will decline 6.8 per cent this year as the economy suffers through the COVID-19 pandemic and the measures put in place to contain it. Saskatchewan’s Egg Economy adds $76 million to Canada’s GDP. That figure was a pre-glut ~6%, and a sub 3% pandemic level today. On the other hand, the prairie provinces of Manitoba, Saskatchewan, and parts of Alberta produce more than 20% of the world’s wheat. ... Alberta, Manitoba and Ontario. The main crops are wheat, barley, and other grains, as well as hay and rapeseed (canola). In 2018, Canada legalized recreational Marijuana, giving birth to an industry that has gone from strength to strength since. Although 2021 is expected to improve, this will depend upon oil pricing, COVID-19, and business confidence (see the table to the left). This historic contraction, the largest in the country, was particularly severe for Alberta as it dealt with both the COVID-19 pandemic and the oil price collapse in early 2020. Chained (2012) dollars. In Alberta, between 2007 and 2019, Ottawa collected $617.5 billion and spent just slightly more than half of that in the province, finds the study. Saskatchewan is also the largest exporter of potash and uranium in the world. Our GDP forecast assumes WTI will average US$51 per barrel this year. Find out more about Edmonton's future economic outlook as we work through the COVID-19 pandemic. Our new data on gross domestic product (GDP) by industry for the provinces and territories reflect the impact of the COVID-19 pandemic on Canada’s economic activity in 2020. Day Care in Canada industry trends (2015-2020) Day Care in Canada industry outlook (2020-2025) poll Average industry growth 2020-2025 : x.x lock Purchase this report or a membership to unlock the average company profit margin for this industry. Alberta's Unemployment Rate by Industry. The covid-19 pandemic … CEC Fact Sheet #22 | November 2020 27,000 jobs and $15 billion: The impact of oil and gas (and Alberta) on Atlantic Canada’s economy Overview Canada’s oil and natural gas sector has a positive impact on many aspects of the Canadian economy, not only in Alberta and Saskatchewan where the industry is … Alberta is at a climate crossroads, and a group of Edmonton-area mayors believe they have hit upon a solution.. In fact, an independent Alberta would have the 9 th highest GDP per capita in the world, ranking us with Singapore and Switzerland. The Alberta Activity Index rose 0.4% month-over-month (m/m) in May, but remained down 14% from a year ago. ... (Links live as of October 1, 2020) Alberta (undated). We’ve spent the better part of 2019 collaborating and working with local industry leaders on changing the economic narrative. Explained in brief : state of the industry 2020. Saskatchewan ranked seventh among the provinces in terms of percentage growth for the same period of time Of all Alberta’s workforce, 5.4 per cent is made up of Transportation and Warehousing,” says AMTA President Chris Nash. In a province like Alberta, GDP per capita tends to be much higher than average household income because of the tremendous value generated by our capital-intensive oil and gas industry. We are innovators, builders and ground breakers. The gambling industry’s GDP was at: 2.063 billion in 2015; 2.157 billion in 2016; 2.422 billion in 2017. (accessed April 29, 2020). The Canadian beef industry represents the second largest single source of farm cash receipts, with cash receipts from cattle and calves totaling $9.4 billion annually over the last five years (2015-19 average), representing 16 per cent of total farm cash receipts, contributing $18 billion to GDP annually. Alberta is the third-largest province by GDP, representing about 16% of Canada's GDP, and it accounts for 12% of the nation's population. By contrast, Alberta’s independence movement is motivated by a drive for freedom and equality, and is based on a strong financial footing. Expenditure-based GDP of Alberta increased from 147,112 million US dollars at current prices in 2000 to 352,884 million US dollars at current prices in 2019 growing at an average annual rate of 5.11%. "If motor vehicles and gas stations are excluded, it increased by 2.7 per cent," the report says. Federal spending here equalled 7.7% of the province’s GDP while federal revenues from the province equalled 14.1% of its economy. The GDP per capita of the province is C$70,654. In fact, oil and gas extraction was the country's top export earner by value from 2005 to 2017 (automobile manufacturing led in 2016). Invest Alberta is your one-stop government connection to doing business in Alberta. ... Alberta’s economy barely grew at all between 2008 and 2018. Stats Canada has released its full report on real GDP across the country for 2020 and Canada did not fare well. Alberta's GDP at basic prices was $307.1 billion in 2020, a decrease of 8.2% from 2019. This paper aims to investigate the effects of carbon GDP of Alberta, Canada by industry 2019; GDP distribution of Alberta, Canada by industry 2019 ... (June 1, 2020). Industry contribution to economy. ATB's outlook notes that retail spending fared reasonably well in Alberta in 2020. 2nd most head offices per capita Calgary has the second-highest number of head offices per capita and 115 head offices listed on the Financial Post 500 ranking, behind Toronto’s 276. By contrast, Nunavut had the smallest energy intensity by GDP, requiring just 2.5 MJ of primary energy for every dollar of GDP generated. Alberta Canada has close to the worst emissions in Canada as a province from both a grid and a per capita perspective. Al-Pac is North Americas largest single-line producer of high-quality kraft pulp, using best available technology and advanced processes to produce 650,000 air-dried metric tonnes of elemental chlorine-free bleached kraft pulp a year. In 2020, the Cannabis industry was the highest growing industry in Canada in terms of GDP- 49.5% growth from 2019. This article lists Canadian provinces and territories by gross domestic product (GDP).. The agency says factors such as travel restrictions, forced business closures, and other COVID-19 measures took their tolls on almost every industry. Since 2009, ERA has funded over 100 promising projects that are contributing to Alberta's greenhouse gas reduction goals. Alberta and its main industry support thousands of jobs and create billions in GDP and markets for Ontario businesses By Ven Venkatachalam and Mark Milke on October 19, 2020… Industry members gathered to celebrate the best and the brightest of industry talent during the Association’s first-ever virtual awards gala broadcast on June 25, 2020. One of those projects is taking place at MEG Energy, which received $10 million in ERA funding in 2018. 6 A full recovery of Alberta’s economy (to 2019 levels of real GDP) is not expected until 2023. The report projects a constrained outlook for Canadian oil production from 2019 to 2035. Employment peaked in 2015 and has declined in line with reductions in investment. According to Statistics Canada’s preliminary GDP by industry at basic prices release on May 3, 2021, for 2020, all industries experienced a decline of 5.2% from 2019 to 2020. Highest GDP per Capita in 2020 of major Canadian cities. Day Care in Canada industry trends (2015-2020) Day Care in Canada industry outlook (2020-2025) poll Average industry growth 2020-2025 : x.x lock Purchase this report or a membership to unlock the average company profit margin for this industry. In 2019, the economic impact of tourism spending by visitors in Alberta included: 68,000 tourism jobs (full-time equivalent employment in person years) $6.5 billion to Alberta’s GDP ($3.9 billion direct, $1.5 billion indirect and $1.1 billion induced) $1.1 billion in taxes on products and services, including: $530 million in federal tax revenue On May 3, 2021 Statistics Canada released preliminary Provincial Gross Domestic Product (GDP) by Industry data for 2020. Business; Alberta’s GDP fell in most provinces in 2020, while the NWT. Alberta’s GDP is expected to be hit the hardest in 2020. Government program spending will now reach an estimated $60.1 billion in 2020/21, about $13,550 per Albertan. In 2020, the Cannabis industry was the highest growing industry in Canada in terms of GDP- 49.5% growth from 2019. Presently, Alberta has over 22,000 registered commercial carriers moving 51.3% of Alberta’s GDP. Emissions Reduction Alberta -- ERA. The industry is a driver of high skills, good jobs, and research and product innovation. Ontario and Quebec are home to almost two-thirds of tech companies in Canada, and Toronto ranked fourth in the 2020 Talent Report’s top tech markets in North America. In 2020, the Cannabis industry was the highest growing industry in Canada in terms of GDP- 49.5% growth from 2019. Alberta - Alberta - Economy: About one-third of Alberta’s land area is in agricultural use, with roughly half that agricultural land used to grow crops and the remainder to raise livestock. Every industry, through taxes, plays a small role in funding our healthcare system. While Canada's ten provinces and three territories exhibit high per capita GDPs, there is wide variation among them. It also has an abundance of Zinc, silver, nickel, and uranium. This statistic shows the distribution of the gross domestic product (GDP) of Alberta in 2019, by industry. The budget’s cautious assumption for WTI (US$46) for the current fiscal year leaves room for upside surprises on the revenue side of the ledger. A Provincial Outlook report by RBC Economics says oil production is set to rise materially, business investment will pick up and improving prospects for pipeline capacity expansion will shore up confidence in the province. The Conference Board of Canada said this week that Alberta will be the hardest hit province economically this year with an 11 per cent contraction in GDP. A network of dugouts and irrigation canals provides water in dry areas. Capital spending in the United States upstream natural gas and oil industry fell approximately 45 per cent in 2020 … In August that decline was projected to be 8.8 per cent. Alberta is projected to post a net debt-to-GDP ratio of 24.5% in 2020-21, while Ontario and Quebec are projected to post ratios well above 40%. Alberta has benefited from considerable natural resources including oil and natural gas. ... (Links live as of October 1, 2020) Alberta (undated). The Conference Board of Canada on Tuesday released a report forecasting Alberta will be the most heavily hit province economically this year with an 11 per contraction in its GDP. The oil and gas extraction sector in Alberta has made a significant contribution to Canada’s GDP, output and jobs over the past decade. The economy of Alberta is the sum of all economic activity in Alberta, Canada's fourth largest province by population.Alberta's GDP in 2018 was CDN$338.2 billion. Looking ahead to 2021, Canada’s overall, real GDP is forecast to shrink by 6.6 per cent in 2020. Gambling industry in Canada is the state’s most wide-scale and economically profitable sector of entertainment. In 2021, real GDP is expected to see a partial recovery of 4.4%, accompanied by a gradual rise in employment. ... 2020), diversification of an economy and a carbon-free economy may have overlapping goals at first, but as time passes, conflicts may arise. The paper looks at preliminary operating revenue estimates in 2020 for key professional business and administrative support services industries in Canada that traditionally have weathered recessions. Alberta has benefited from considerable natural resources including oil and natural gas. According to Statistics Canada’s preliminary GDP by industry at basic prices release on May 3, 2021, for 2020, all industries experienced a decline of 5.2% from 2019 to 2020. Real Gross Domestic Product at Market Prices, Annual Percent Change, Canada and Alberta ... Lost-Time Claim Rates by Major Industry Sector, Alberta (PDF, 160 KB) or CSV format (2.6 KB) ... A Profile of Inter-Jurisdictional Employees in Alberta - 2016 update (March 16, 2020) * For illustrative purposes, market income (total income less government transfers) per capita from tax returns is included. They just can’t agree on how much. The figures are preliminary, and final counts won't arrive until November. Employment rose by 67,300 in July. What the Auto Industry means to Canada The automotive industry is a critical part of Canada’s economy. Welcome to the Alberta Economic Dashboard. Statistics Canada. ... Metrics include US and CDN GDP, inflation, unemployment and consumption data. As I shared on the teleconference, construction accounts for 8% of Alberta’s GDP and employs one in ten working Albertans. Lethbridge has a gross domestic product of approximately $5.8 billion and an urban population of nearly 97,000 in a trading area of over 341,000. In 2019, expenditure-based GDP for Alberta was 352,884 million US dollars at current prices. Estimates of provincial tourism GDP for 2020 … 2 All four western provinces have oil and/or gas operations that contribute notably to their GDP and export earnings. Alberta Economic Outlook October 2020 ... Alberta’s GDP in 2021 will be 4.0 per cent below the pre-pandemic level in 2019. Alberta is the third largest province by GDP, representing about 17% of Canada's GDP, and it accounts for 12% of the nation's population. The energy sector in AB has gone from representing 35.4% of GDP in 2005 to just 18.3% in 2020 The forestry sector is Alberta’s third-largest resource industry. Between 2008 and 2018, Alberta’s financial services sector GDP rose 38%, outpacing financial services sector GDP growth in all other provinces. Tags: alberta fiscal update, alberta economy, alberta deficit, alberta government spending, alberta government debt. Provincial Budget Analysis features CIBC's eoncomic analysis on the latest provincial budget. This statistic shows the gross domestic product (GDP) of Alberta from 2000 to 2019. December 20, 2020. The strategy is a key part of the government’s plan to recover from a period of unprecedented economic adversity. The next largest annual contraction in at least four decades was in 2009 when provincial output fell by 5.3 per cent. Through our extensive network of international and local contacts, our team of investment professionals provides a centralized, coordinated service to support foreign investors throughout the investment and business expansion process. CIBC Economics Research produces industry leading economic commentary, forecasts and in-depth analysis for the institutional and investment community. In the Virus Contained Scenario, GDP contracts 38% in 2020 Q2, however the economy rebounds sharply, with only a 1% decline in Q3 and a 42% growth rate in Q4. Real GDP in the accommodation industry (one of the biggest elements of tourism) rose by an impressive 6%. Canada has a large oil and natural gas sector with the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. Fall 2020 Forecast Update. (The per capita, rather than per tax filer, measure is chosen for comparability with GDP per capita.) The $93-billion foodservice industry represents four per cent of the Canadian GDP and Restaurants Canada estimates foodservice sales will be down nearly $20 billion for the second quarter of 2020. Alberta’s agri-food sector is an important part of the Alberta economy, contributing $9.2 billion in gross domestic product (GDP) and employing more than 77,000 Albertans. BY IAN DOIG • PHOTO OF RYE: PIXABAYA large Alberta distiller, Canada’s national spirits industry association and the Alberta Wheat and Barley Commissions are concerned a generous provincial di. “Since the industry is the largest source of GHGs in Alberta, this area of innovation has the potential to make a significant impact in the province,” Summers explains. On the other hand, the prairie provinces of Manitoba, Saskatchewan, and parts of Alberta produce more than 20% of the world’s wheat. The report projects a small decline in GDP in the first quarter (-0.5%), a significant contraction in Q2 (-3.5), fading weakness in Q3 (-0.3), and then a rebound in Q4 (3.4). Red Deer’s real GDP expanded by a moderate 1.7% in 2019, and prior to the COVID-19 pandemic, was projected to expand by 2% in 2020. But Alberta's oil and gas industry … COVID-19 had a tremendous negative effect on … Legal pot industry more than doubles contribution to Canada’s GDP since legalization: StatsCan. Transportation and warehousing also accounts for 5.4% of the province’s jobs, contributing $11.2 billion to its annual GDP. The industry in Alberta also now accounts for more than 21 per cent of all Canadian agri-food exports, contributes $9.2 billion in gross domestic product … Statistics Canada. In Alberta, if you want to learn to read a book, drive a car, ski the Rockies, or become a doctor, you'll need to access the educational services industry. Overall, the national economy contracted by 5.3 per cent. Over the medium term, real GDP growth is expected to average about 3.4% per year through 2024. Some encouraging early indications from the re-opening include a partial rebound in jobs, auto and home sales, and overall retail sales. On October 6, 2020, the Government of Alberta (the Government) released its strategy for natural gas, titled Alberta’s Natural Gas Vision and Strategy (the Vision).The Government highlighted the abundant natural gas resources in Alberta and the impact of depressed prices, policy uncertainty, low export capacity and delays in infrastructure development on the natural gas industry. As we now embark on our journey into the next decade, we would like to identify some trends relevant for Original Equipment Manufacturers (OEMs). The oil and gas extraction sector in Alberta has made a significant contribution to Canada’s GDP, output and jobs over the past decade. December 21, 2020. The first official estimate from Statistics Canada of Alberta’s GDP in 2020 shows that the economy shrank $27.3 billion compared to 2019 for a drop of 8.2 per cent. The Alberta economy is expected to gain momentum in the second half of the year with a wider vaccine rollout. Ontario, the country's most populous province, is a manufacturing and trade locus with extensive linkages to the northeastern and midwestern United States. Of all Alberta’s workforce, 5.4 per cent is made up of Transportation and Warehousing,” says AMTA President Chris Nash. 2020 will drop, so we’ll have to revisit this in 2021 and 2022 to see which way the trend is going. Impact on Economy. This annual economic forecast for the province of Alberta examines the economic outlook for the province, including gross domestic product (GDP), output by industry … Numbers released this week show Alberta's GDP shrank 8.2 per cent in 2020 — Quebec and Newfoundland and Labrador were the next hardest hit with economic retreats of 5.3 percent. Alberta is expected to have the second-highest provincial contraction of GDP for 2020. In their forecast, the economists predict real GDP growth of 4.8 per cent in Alberta this year as the oil and gas sector improves over last year’s precipitous drop in prices. 2020/2021 General Development Plan 4 | P a g e Who is Alberta-Pacific Forest Industries Inc. (Al-Pac)? Canada now ranks third in the world in proved oil reserves behind Venezuela and Saudi Arabia and is the world’s seventh-largest oil producer. Alberta has more than 25,000 carriers and 136,000 commercial vehicles. 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