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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.# j, @+ P" V6 _- Q% }4 }# f
2 ]" o3 C+ j- t+ xCalgary to have Canada's fastest growing economy this year, Conference Board says' t* F7 G( s$ e! W; E
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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4 l/ T! {+ N% s- L+ g1 xThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) n: L, g' \! e) p( ~% A; O
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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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/ z7 H- S" H1 w5 Q6 c. Q"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., d7 l" @7 s `* a, h( w8 d
# i# [. l3 ]( K& L5 I& X+ xIt 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.4 o! ?, w$ u, w1 G$ B' A$ p
2 H; f' y, C7 R- w& C" R"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
: y+ I0 X' j. \, O1 PCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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