Experts question Alberta budget claims of diversifying away from oil, gas revenues
BNN Bloomberg
Canada's oil province may finally be shedding its image as an economic one-trick pony, the Alberta government says in its new budget.
EDMONTON -- Canada's oil province may finally be shedding its image as an economic one-trick pony, the Alberta government says in its new budget.
"We're doing all we can and seeing great results on economic diversification," United Conservative Finance Minister Travis Toews said at a Thursday news conference.
Budget documents trumpet billions of dollars flowing into provincial sectors that don't necessarily scream Alberta. Tech, aerospace, financial technology, film and television have all seen growth, as well as more traditional mainstays like petrochemicals.
Venture capital firms pumped $455 million into the province last year, double the 2019 figure. Non-energy exports, at nearly $38 billion, grew 21 per cent between 2020 and 2021.
Agriculture, Alberta's economic bedrock, saw nearly five per cent growth in value-added sales between 2019 and 2020.
Those figures are still dwarfed by oil and gas.
