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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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9 Z d& k6 I2 c3 j# n"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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6 F& O7 t7 I* I3 {! A, w& l/ }Calgary to have Canada's fastest growing economy this year, Conference Board says# y2 C) m4 m+ K7 ~- l
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.". c' S* Q+ H8 o. ?
. @+ P9 d0 W' B4 X/ ?The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.7 c- t* r9 e0 Y; G
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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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6 S- }( j2 Q6 v/ j! BThe "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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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.* g0 O. w7 T0 f% f
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Oil price rises to 2-year high above $58 US on supply slowdown. t; B# B. c9 |- n: r p
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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