According to an economic report by The Conference Board of Canada, Alberta ranks last out of all of the provinces in GDP growth.
Alberta’s 2019, real GDP growth is only at 1.3 per cent and is trailing behind all of the other provinces including New Brunswick and Manitoba.
The report cites ” cuts in oil production and the declines in energy investment” as a main reason for Alberta’s ailing growth.
In recent news, Alberta’s oil sector has been hit with low barrel prices.
The province’s unemployment rate is also currently at 6.4 per cent in 2019, with 170,000 Albertans out of work.
A truck convoy of Albertans called United We Roll drove from Red Deer, Alberta to Ottawa to voice their dissatisfaction with the federal government’s handling of oil prices.
Although GDP growth is low for this year, the report also expects a substantial leap for the year 2020 as the Alberta economy recovers.