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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
8 q9 j3 q, S" P c" A% WThe 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."/ ^ W0 \! f' g" p9 D ]6 [1 S2 g3 J
- F6 @: K8 q; p* _The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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# z8 H0 A6 p8 p: Z9 [: T7 S"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 u8 S# [, r# N4 F7 E, P" k
# [" l% H. m, R# R8 C% N"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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$ ^- ~3 h) G0 ?* R, ~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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2 H- t/ c& H6 T. BIt 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.! |" K j1 N+ E+ B1 T
5 T& c/ S, ?8 v"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 slowdown4 p9 m: k: Q3 f( ^
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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