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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. @+ q2 J7 f3 f0 O% K( c: ]
; h( J9 \2 l& C8 C0 c"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. B' N( k* [) o6 [
; D0 t) K! D& @, I% e2 q1 h# ]. r. F& eCalgary to have Canada's fastest growing economy this year, Conference Board says$ {4 M9 l5 W3 V- L
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."1 ]6 x9 h' M" e9 ~
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 p/ s0 Y" x$ X* c$ T
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"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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, ^/ N7 b% j9 {0 m' d"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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. n8 w9 q# P7 H M1 X! \1 j4 T
$ f' z& S4 e4 l: {* q' O1 S"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
6 b% T& R5 P8 n1 M, ?) xCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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