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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.
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"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! c+ X! {! F. `6 o: [
The 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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& V6 t0 Y! I$ h: q5 h# _: l( X
2 v) V6 Z4 r7 Z$ p/ U: D. e"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.7 A e/ T* i8 @, ^5 n" r5 N) 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."# J7 `/ r. k" y p" K
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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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, o3 C# R6 @5 a( e: ]* C& ?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., k; z7 j# ]+ w5 a x* U/ k/ u
9 |, M3 t5 |9 Y) F6 U5 N"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.6 o# R* \9 f, e" ]' [
0 M2 `2 ], P8 Z4 w. POil price rises to 2-year high above $58 US on supply slowdown2 p# o/ _+ S4 [( c9 s3 p3 Q- v. H
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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