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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. b. Y6 B9 @0 j% q# n
$ J# p. Z- }7 p" PCalgary to have Canada's fastest growing economy this year, Conference Board says9 V" B, o9 M- b9 R. s! X
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."' U- M3 m: R0 T* Z- x
: ?' Y- y5 S9 C1 w: R1 h* `The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& E: T- p6 n# D8 x! ~
6 \; ?" g" R6 L"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 S- c8 c+ t' d4 I5 q4 h
; u, n% N" l( e5 x7 y/ H4 n! q: f* K. _"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.* q$ S( i' S. M# u6 d. y
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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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"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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Oil price rises to 2-year high above $58 US on supply slowdown
8 [( {6 D# l' W4 G- M. q! vCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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