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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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7 |+ A" o' E$ m6 c! C8 u6 O! X"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
& o8 `8 c, t# ]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."3 q4 p+ Z, j$ S# I+ a/ P! }, f. O: r
$ e* r% C+ _1 [! PThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that. t& {3 E4 C" E7 I
* ~/ \' y( j8 M% p9 M# W* k5 D"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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."1 n1 F& V# s5 K! J0 E7 G" @
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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.: C" z3 r$ z+ K4 `% O* S9 q
$ x9 |1 {% C) ?6 B- MIt 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.4 }% `) }) }8 u. |1 w5 g! i- T3 M# t
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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./ `+ E) P# e# B, C& R
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Oil price rises to 2-year high above $58 US on supply slowdown
V- `& ?; s0 G2 ^# G0 t+ ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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