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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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7 \. A/ }/ d0 I" ~: ^"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.2 \: t- ?+ _: C/ L
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Calgary to have Canada's fastest growing economy this year, Conference Board says
4 @1 W$ `) d# m( rThe 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."0 @ Z8 F3 K; ?/ F% H
5 c4 f- o$ z, zThe 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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% m* n1 Y, ~$ u6 I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."# G6 J/ H0 ]; V! X
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4 v+ y* H( P! g2 \% @7 K3 }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.; j; s1 M; `) c3 |/ u* O4 h" |
! y3 M/ A+ c" v6 l& a"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& k! ]: V4 K& f& Z1 a1 M. P* i# v
9 o7 s! t5 e) ]4 s% ?8 nOil price rises to 2-year high above $58 US on supply slowdown; T& T$ O) Z" l: X0 Z& G/ f2 x
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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