October 21, 2004

Broad economic gains and strong growth shown in 2004

Edmonton…The Alberta economy is set for another strong year of growth, according to figures released today by Finance Minister Patricia Nelson.

Record-high energy prices have led broad economic gains and improved the outlook for Alberta’s growth, a review of private sector forecasts shows. Forecasts for the province’s economic growth average four per cent in 2004 and 3.8 per cent in 2005. The March 2004 provincial budget forecast Alberta’s growth at 3.6 per cent in 2004, and 3.1 per cent in 2005.
Nelson credited much of the success to the hard work of Albertans, saying, “Albertans are seizing opportunities and creating jobs in an economic and financial environment that the government has worked hard to foster. Our strategies are working-building not only a stronger Alberta, but a stronger Canada.”

Alberta has the highest net interprovincial migration among Canadian provinces this year, which at just under 11,000 people is like adding a town about the size of Stony Plain or Canmore. At the same time, Alberta has maintained Canada’s lowest provincial unemployment rate. In 2004, the rate has averaged 4.8 per cent, down from an average of 5.1 per cent in 2003. Housing starts also remain strong, 11.7 per cent above the most recent five-year average.

“There’s an environment of prosperity in Alberta that creates opportunity and makes this province a great place to live and work,” said Nelson. “The strength of our manufacturing sector is particularly impressive. Look at the growth in electrical equipment, machinery, wood products, and computers and electronics. That’s the sign of an economy diversifying beyond energy, despite the continued importance of oil and gas.”

• Economic Update, October 2004 (pdf)

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For media inquiries, please contact:

Jerry Bellikka Director of Communications Alberta Finance (780) 427-5364 Dial 310-0000 for toll free access outside of Edmonton.