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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.' g. z8 C' [( m6 e! q; m/ h
/ \% i9 q2 X& I gCalgary to have Canada's fastest growing economy this year, Conference Board says
; }! u/ D8 v. p2 G# R# p4 k( n* i! FThe 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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& k1 S. H$ a3 E( B9 | X$ \; MThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 e2 Q# s; x, W1 `) R$ ^
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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.$ g" D8 x1 x. B; k. U
+ S5 r! m0 ~' K- Y5 d* n"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" A! \4 j8 ?, U! S* `( Y5 Z
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% Q. m' G) h: W8 s- f4 CThe "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.3 g5 f0 T7 \5 ^6 a
7 e3 m L% {$ b% g9 F6 c7 yIt 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./ r2 m% l2 m% m% W8 g
8 e- R% {, z8 Z/ q w# n0 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.1 v, K1 v5 H; O& `; M% g$ |- T
y! T' t% p. MOil price rises to 2-year high above $58 US on supply slowdown6 i q. @) S( c) Q2 v2 h6 `6 E& _9 k
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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