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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.% F4 Q) D7 {+ p T7 U- q0 Z A! p
( Z1 P" t" r! z$ gCalgary to have Canada's fastest growing economy this year, Conference Board says: \: H+ Q9 ~* A, w" a& w
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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) e6 ^8 L+ M* b( M+ Z7 k2 bThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., S$ @9 Z) K4 h
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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.2 ~* e* t9 B, {& H
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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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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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6 m3 F: X4 x! U2 U/ c- t5 AIt 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; t+ X; n) @6 _1 z) k* n c# y
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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