12/07/2015 05:42 EST | Updated 12/08/2016 05:12 EST

Alberta Should See Modest Growth In 2016, Despite Oil Prices: Conference Board

George Rose via Getty Images
CALGARY, CANADA - JULY 3: The downtown skyline is viewed from the northside of the Bow River on July 3, 2012 in Calgary, Canada. Calgary, home to the world famous Stampede, continues to enjoy the benefits of an energy boom that continues across the Alberta province. (Photo by George Rose/Getty Images)
CALGARY — The Conference Board of Canada says Alberta should see modest economic growth next year despite persistently low oil prices.

It predicts the province will see real GDP growth of 1.2 per cent in 2016 after the economy shrank by 1.2 per cent this year.

The Conference Board said low oil prices led to a 15.2 per cent drop in energy investments this year and will mean $11 billion less in the province's economy by the end of next year.

Saskatchewan's energy-reliant economy is also expected to bounce back out of recession next year with two per cent GDP growth, while Newfoundland and Labrador's economy is expected to shrink by 0.8 per cent.

British Columbia is anticipated to lead the country with 3.6 per cent growth in 2016, thanks especially to strong construction and housing sectors.

Manitoba is forecast to be the second-fastest growing province with 2.5 per cent growth, while Ontario's economy is projected to grow by 2.3 per cent.

Prince Edward Island and New Brunswick are both expected to see modest growth of 1.6 per cent, while Nova Scotia is expected to see 2.3 per cent growth, in part due to the federal shipbuilding contract for the navy.

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