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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.+ _( R4 {" g" P, E
+ z$ |$ S7 ?6 ]5 g1 B" W"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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+ h& {" ~+ r$ N7 [8 {, _+ YCalgary to have Canada's fastest growing economy this year, Conference Board says) N: M. j& v3 W: k8 y
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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- R) X" U( U$ { G/ \1 Z. ?The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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9 D# G5 X) V# \. N"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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."6 O3 z+ k& q, Y5 z% P
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9 o9 G4 R! b8 [3 u4 l) GThe "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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- c2 ?0 S; a$ GIt 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.4 p: u) P% Q" u$ F
M& H4 \; l, E8 b7 i& J+ n6 E+ j"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.& ~' X% Z; h" T2 H9 n
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Oil price rises to 2-year high above $58 US on supply slowdown" x: L% h8 l3 N* [+ ^
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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