Statistics Canada’s report on gross domestic product by industry shows much steeper-than-expected contractions in many of Alberta’s sectors. The province’s overall economy contracted by four per cent in 2015, following growth of 4.5 per cent in 2014.
The biggest declines were seen in oil and gas. Support activities for the sector saw a 38 per cent decline, while oil and gas engineering construction saw a 34 per cent. Economists note that the contractions, comparable to what was experienced during the 2009 Great Recession, suggest Alberta’s economy could stay in recession for longer than originally thought.