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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.. M- F) o* n; ~7 F% t
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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.$ r/ t/ F9 ~, z+ k! X
& V! w3 n7 h) Q* m( P0 gCalgary to have Canada's fastest growing economy this year, Conference Board says
8 E+ G, p! m( Y6 j; o6 t8 O i: |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.
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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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"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.' e3 u. P# m6 d& N8 Y% U0 a
& y2 E: Z9 |# x3 N5 _7 TIt 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.
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; J0 V; P, L$ O R l* ^6 @! g8 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.
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$ L) l% L5 n; t4 O, C; |Oil price rises to 2-year high above $58 US on supply slowdown8 E- N B3 k" n5 t/ W" a7 e2 K
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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