_News Talk 770
One of canada's big banks says there are unmistakable signs Alberta is booming again--and that's good news for the province's bottom line.
RBC Economics says Alberta's economy launched into a remarkable expansion phase last year with real GDP in the province reaching an estimated 4.2%. The bank expects the momentum to continue with growth around 4% this year and next.
RBC says the Alberta economy is firing on all cylinders with growth the highest it has been since 2006 and notes Alberta's 99-thousand new jobs last year was about half the entire job creation in the country in 2011. Senior VP and Chief RBC Economist Craig Wright expects a banner year for the oil industry.
RBC says strong industry revenues will mean a surge in royalties for the provincial treasury. Wright says that will bring the budget back into balance by fiscal 2013-2014 eliminating the need for the province to rein in expenditures as part of its fiscal plan.