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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.
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9 J4 s" F9 Y6 f; o% wCalgary to have Canada's fastest growing economy this year, Conference Board says$ L' |' p. U/ V
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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5 ]: W1 r* R( kThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.% E0 \7 N6 t+ G- @( ?- h* z( O' _
$ d% T& X( j7 P& M"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.0 b! F+ l4 U8 S8 X* s( V
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.": D+ P1 y) @- b( h0 a: O4 q
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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.
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# I3 ]2 ^! Z4 T+ D"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.: v1 a- A, b2 O: [1 `4 t
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Oil price rises to 2-year high above $58 US on supply slowdown( z" b K4 Z. [+ l8 B
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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