GDP up 5.1% in Alberta in 2021, slightly outpacing national average

May 5, 2022 | 5:32 PM

LETHBRIDGE, AB – Stats Canada is reporting a “rapid recovery” from the COVID-19 pandemic’s economic impacts.

The annual real gross domestic product (GDP) in Canada last year increased by 4.8%.

Nationally, sectors such as public sector services (education, healthcare, and administration) had strong growth, as did construction.

Due to COVID-19 restrictions being lifted in most areas of the country in 2021, retail, food, accommodation, and others that rely on in-person customers were also up.

Every province and territory in the country, with the exception of Saskatchewan, saw at least some growth.

In Alberta, the GDP grew by 5.1% last year, slightly above the national average. The largest percentage increase was seen in the Yukon, whose GDP went up by 9.1%, while Saskatchewan’s economy retracted by 0.3%.

Mining, quarrying, and oil and gas extraction provided the biggest boost to Alberta’s economy in 2021, rising by 6.3%. This alone resulted in a 1.76% increase in the province’s overall GDP.

There was also a 16.8% increase in residential building construction and a 55.3% rise in renewable energy projects.

by David Opinko