Oil-producing provinces led the way nationally, thanks to higher oil prices: StatsCan

Mario ToneguzziGrowth in Alberta’s business productivity, at 3.2 per cent, resumed in 2017 following declines the previous two years, says Statistics Canada.

A report released on Wednesday by the federal agency said mining, quarrying, and oil and gas extraction were the main drivers of this growth.

“Manufacturing, wholesale trade, real estate and utilities also contributed to the increase. Real GDP of businesses (+5.6 per cent) and hours worked (+2.4 per cent) were also up following two annual decreases, mainly due to the resurgence in oil and gas extraction. Hours worked increased in 12 of the 16 major industry sectors, rising in both goods (+3.6 per cent) and in services (+1.7 per cent) producing businesses,” said StatsCan.

Nationally, business productivity rose 2.2 per cent following a 0.6 per cent increase in 2016.

“Against the backdrop of higher oil prices, increases in business productivity in the oil-producing provinces of Newfoundland and Labrador (+9.2 per cent), Saskatchewan (+4.2 per cent) and Alberta (+3.2 per cent) were much higher than the Canadian average,” said the report.

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.


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