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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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Calgary to have Canada's fastest growing economy this year, Conference Board says: _3 j; l' d2 j; _- n
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."9 R( T4 n% _" X9 L' ?7 m; F
2 }! ~# R A7 Z3 bThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that." G' R/ _& ]8 v
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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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8 N- e! @* j S+ p- c"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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M" ?3 L3 R3 w# j, _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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& n# ~( f3 I. w$ {7 wIt 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./ [) ]* g1 l# t, y
, m2 _( i1 D% Q) g7 m7 y9 q"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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3 y) y ^, |! `0 y2 UOil price rises to 2-year high above $58 US on supply slowdown
! b! S4 x: R. F* D) H9 hCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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