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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. x/ Q9 l9 v; J
$ f8 a! l# d* l1 h5 |( qCalgary to have Canada's fastest growing economy this year, Conference Board says
# h0 U9 [ v( e9 w2 m0 FThe 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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: I& r! t$ L1 m; v8 ^: J7 kThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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% i6 c; i3 P' w ^& O8 h+ 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." s* g8 o1 Y \; x
, {# i L% B5 z"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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9 @0 J+ S" w1 T( bThe "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.; r; D0 O) \$ u
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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.3 F+ A7 Z H; M: v7 v8 F% Z
0 Z Z* E# W) Y- L5 @"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.
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Oil price rises to 2-year high above $58 US on supply slowdown
' m1 K* U: p0 hCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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