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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.4 Q5 \6 m( d. f% f5 w
- o3 r+ R' C2 g"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
* b4 @7 ~" n# F7 b2 TThe 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."5 k# B/ \0 x2 m
6 D) v0 ~. z8 r9 NThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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: P- S1 F: X, A5 e3 G* w"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.+ a9 c! Q+ j2 h! M$ h8 t* n7 e N
9 a$ O- J* f9 j3 F3 n( u"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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- _! Z# S3 K. C; }4 v# q& [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.7 {/ ~# `* T( r% @9 W5 ?6 |
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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./ a' g# z! a9 I8 o+ Y" K t
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Oil price rises to 2-year high above $58 US on supply slowdown
2 v0 b- P5 o' rCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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