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Alberta's economy is on pace to grow by a blistering 6.7 per cent this year, far outpacing every other province, according to the latest forecast from the Conference Board of Canada.( S4 W) A, l2 f5 r0 _& X/ D4 j
1 e7 C; y! @3 N8 A" i1 O" o0 [3 _"Thanks to rising oil production and a swift turnaround in drilling levels, Alberta surged out of recession this year," Marie-Christine Bernard, director of the organization's provincial forecasting, said in a release Wednesday.
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Calgary to have Canada's fastest growing economy this year, Conference Board says
3 g4 a2 L- Y+ c. T) Z& R8 vThe report comes two days after a projection from ATB Financial that pegs real GDP growth at 3.9 per cent in Alberta for 2017, "which is likely to be the highest among the Canadian provinces.": D, G6 Y" a! r+ @* F, {
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.- z) y6 j* z i# y
* E+ W+ D* e8 e4 Z"The domestic economy also performed well, as consumers who had delayed making major purchases during the recession flocked to car dealerships and retail stores," the report reads.( z3 c% a0 m+ f( ]3 V5 j
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! |( y* e) c/ j/ [/ o/ Q
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The "booming growth" in 2017 comes after two years of economic contraction, and the Conference Board cautions that Alberta won't keep up that pace next year.
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It forecasts provincial GDP to grow by 2.1 per cent in 2018, behind British Columbia's projected rate of 2.7 per cent and Newfoundland and Labrador's 2.4 per cent.
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"However, recent strength in oil prices could help maintain the momentum in drilling and push economic growth higher over the near term," the report adds.' g, \, v- R; ~
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Oil price rises to 2-year high above $58 US on supply slowdown+ Z/ s) g# V, B
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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