Canada relying on surging oil industry to drive economy

Canada is expected to see modest growth through 2013, but a great proportion of that will come exclusively from oil and gas exploration, according to a new report from the Bank of Montreal.

BMO's Provincial Monitor projects Canada's gross domestic product will grow around 2.2 percent this year and 2 percent next year. 

However, all six of the country's eastern provinces are projected to fall below this national average, with the difference being covered by strong growth from the four oil-producing provinces in the west.

Alberta in particular is expected to see GDP growth of 3.5 percent in 2012, followed by 2.9 percent next year, stronger than any other province, but followed closely by Saskatchewan and its rapidly expanding oil industry.

Aside from GDP growth, the western four provinces are seeing notably lower unemployment, with Alberta's rate expected to drop to 4.5 percent by next year.

While the U.S. has seen a rejuvenation of its oil production, data from the U.S. Energy Information Administration shows that Canada has seen a steady rise over the past three decades.

Oil production in Canada is detailed at PennEnergy's Research area.

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