Analyzing provincial statistics in Canada is an exercise in spotting the odd one out.
Alberta, the heart of Canada’s dying oil patch, is a cautionary tale about boom and bust cycles and just how dramatic the difference can be between the good times and the bad.
To be sure, we’ve spilled quite a bit of digital ink documenting the plight of the provincial economy and we’ve also outlined some of the more shocking statistics that touch on the human toll exerted by plunging crude prices. Food bank usage in the province, for instance, rose 23% Y/Y from Q1 2014 through Q1 2015 and suicide rates had risen by a third through the summer of last year.
As far as the economy, the latest data out earlier this month show Alberta was the only province in which real GDP contracted in 2015. “Alberta is facing another recession this year as cuts in energy investment and job losses hit the economy hard,’ Conference Board of Canada said, adding that ‘until imbalances in global oil markets improve, prospects for a recovery are bleak.”
This post was published at Zero Hedge on 03/17/2016.