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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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! j$ \2 h2 a/ K% 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.7 h8 B% s9 [, V& M
" \+ B. X; }3 Z. l/ n: Q: [Calgary to have Canada's fastest growing economy this year, Conference Board says
5 m5 B2 ?( V( U) ]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."/ J' x' W8 u% a
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 R2 V/ {9 x% {5 c6 M
" t$ |8 k0 {8 a"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.4 }! T! D- A. e+ Z) x2 y
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."/ e0 F& o3 q; k0 d3 i
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, i1 [& C. T- _: o1 kThe "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.6 B/ k/ C2 k: } l$ K
1 N( \7 `8 W X( c0 l) m"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.$ U! `. A7 Z1 g# b
Y* A1 h8 u6 }. s [# J7 yOil price rises to 2-year high above $58 US on supply slowdown
3 W! H; E, l9 o3 OCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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