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Alberta economy worst since 1982: RBC

Sagging natural gas and slump in residential construction to blame


 

It’s a lousy time to be an Albertan, no matter what line of work you’re in. Natural gas prices are the pits, hence low drilling rates and skeletal rig crews. Houses? No one’s building them, so don’t count on a drywalling gig. Topping it off, with a nod to John Steinbeck, is this summer’s drought, which has put an awful dent in agricultural production. That mishmash of rottenness has now led RBC Economics to issue a report calling this downturn as bad as Alberta’s seen since 1982, when high interest rates, low commodity prices and of course the NEP conspired to crush Alberta’s economy. At the Calgary Herald reports, RBC “has revised its real GDP forecast for 2009 down to -2.8 per cent from the -2.5 per cent in the June outlook.” The upside? The report also forecasts “growth of 3.0 per cent for the province in 2010,” thanks to better weather, more robust commodity prices and more consumer spending. That must hearten the folks at Holt Renfrew, who are still busy installing an enormous store in Calgary’s downtown, where word of the recession has in many respects still not arrived.

Calgary Herald


 
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Alberta economy worst since 1982: RBC

  1. So tell me exactly, how the economy is going to go from absolute freefall to 3% growth next year? Oh, that right, these are the same naustradumbasses who said oil was going to 200 a bbl and that real estate and the stock market could only go one way…up…forever. So now the people who couldn't see this mess coming are claiming it'a all gonna be over in a few months and happy days are here again. My God, these people have no shame. Unbelievable.

  2. Since 1982… with no Trudeau to blaim… and especially with the Conservatives ruling both provincially and federally, who you going to blaim for this one Alberta?

    Maybe it is time to reconsider your traditional voting practice of Conservative only…

    Secondly, don't dare complain about no social safety net, those are only in provinces that prepare for such things… again please next time reconsider your traditional voting practices… you will be better prepared for these hard times.

  3. maybe it's time for Quebec to start paying for Alberta since the west has already sent billions there

    • To Caughupthebucks…

      So you did find someone to blaim… now it's Quebec's fault…

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