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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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" |* i- A/ u- l( }; P4 r"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.6 d- R7 c6 h# D+ l
1 p! v% Q3 w6 ~( G% k" TCalgary to have Canada's fastest growing economy this year, Conference Board says
+ i4 T$ x! D+ ]7 W! M" |1 eThe 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.1 ^, |" Y) U; f0 K7 R& @
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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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5 m4 P5 u. d- N' m- B# ~. u* z5 NThe "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./ P) N4 `/ }, e+ @5 R6 a
* H8 Y6 a6 V. O$ U2 k% \& X" c0 aIt 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.+ L3 Z* o) M: H
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"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.* r/ h5 K7 i( u! i* w
/ U: ~0 _. |. g# qOil price rises to 2-year high above $58 US on supply slowdown# x: `9 s0 @* s7 V
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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