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2016 turned out to be worse than 2015 for Albertans

2016 turned out to be worse than 2015 for Albertans

Despite an increase in oil and gas extraction, Alberta's GDP contracted 3.8% in 2016, making it the worst performing province for the year. The 2016 recession follows a 3.7% contraction in 2015. 

The last two consecutive annual contractions in Alberta were in 1982 and 1983.

Despite the May wildfires and maintenance shutdowns at several upgraders, bitumen extraction increased 1.0%. Conventional oil extraction also edged up 0.2%.

However, a big drop in capital spending for the energy sector caused a sizeable decline in engineering construction, oil & gas services, manufacturing and wholesale trade of machinery and equipment.

Residential construction also contracted 20% as more Albertans left the province. Housing starts were the lowest since 1997. 

Chemicals manufacturing was a rare bright spot, increasing 7.8%.

Saskatchewan was the only other province to experience a recession in 2016. GDP contracted 1.0% after falling 1.3% the previous year. Newfoundland and Labrador emerged from recession in 2016, expanding 1.9% on higher output from the Hibernia oilfield and ongoing construction of its $11.7 billion Muskrat Falls hydroelectric power project.


SOURCES:
STATISTICS CANADA • GDP BY INDUSTRY: PROVINCES AND TERRITORIES, 2016
Another blow-out quarter for Devon's Jackfish SAGD facility

Another blow-out quarter for Devon's Jackfish SAGD facility

A made in Canada plan for Trans Mountain

A made in Canada plan for Trans Mountain

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