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.

Sign up for PennEnergy's eNewsletters
For Email Newsletters you can trust

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs