A Diverse Economy
Energy accounts for about one-quarter of the province’s Gross Domestic Product (GDP), down from 36% three decades ago.
Other sectors have shown considerable growth over the past two decades. From 1985 to 2014 the following non-energy sectors grew strongly:
Construction sector from 6.7 per cent share of GDP in 1985 to 10.8 per cent in 2014;
Finance and real estate sector from 11.0 per cent to 13.5 per cent; and
Business and commercial services sector from 5.5 per cent to 10.2 per cent.
In 2014, the Alberta economy expanded by 4.4 per cent, the highest provincial growth rate. By comparison, the Canadian economy grew by 2.5 per cent in 2014. However, the recent oil price decline is negatively impacting the Alberta economy this year.