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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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/ q8 c) k! {) k1 |Calgary to have Canada's fastest growing economy this year, Conference Board says
& d( _4 y" } T8 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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.+ y* c i. B* E) Z! u# O
7 f: }. s3 W+ `( u"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.) B8 ~& ]: \/ O/ i% f
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."+ _3 C" N. b9 p) s+ ^5 h
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& q2 b) y2 L; ]% \) T6 d NThe "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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1 j% g E C- k+ x6 h h3 GIt 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." j% B) d! u6 s2 f# o9 ?% @
3 }9 Y- A1 d, c$ R; _' S$ K, q( K"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.6 i7 [# U+ d1 H% P0 K
3 d% y" ~2 v* x- Q% tOil price rises to 2-year high above $58 US on supply slowdown
4 O* ^! X- A! m7 Y) P4 ^4 }Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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