Q1 update: Alberta’s Recovery Plan is working
31 Aug 2021
As of July, Alberta added 73,000 jobs since the beginning of the year and has now recovered nearly 90 per cent of the jobs lost when the pandemic first took hold in the province.
Real gross domestic product (GDP) is expected to grow by 6.7 per cent in 2021, up significantly from the budget forecast of 4.8 per cent. Many economic forecasters, including the Conference Board of Canada and some of the largest Canadian banks, predict Alberta will lead all provinces in growth this year.
“After a historically challenging year, Alberta’s economy is already witnessing signs of recovery and growth. While this indicates Alberta’s Recovery Plan is working, we know there is still more to do to create jobs and restore Alberta’s place as the economic driver of the nation. We will continue to bring spending in line with that of other provinces, attract more investment and get Albertans back to work.”
Travis Toews, President of Treasury Board and Minister of Finance
Increased investment and economic activity has led to the unemployment rate falling to 8.5 per cent, the lowest since the pandemic started.