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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.0 B* V" y/ W* P3 d
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Calgary to have Canada's fastest growing economy this year, Conference Board says; J, z I4 @6 J& C& ?* n
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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* E( V! ?1 f! U7 w1 ]: q4 qThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.3 G. L" F' { H" e
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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. T( C/ `% s4 K. l
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 S# x' J3 E. o+ {# C- A; J% B$ N
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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.& a4 ?- V. \+ P
, r5 T* a8 Q/ `7 D& E( XIt 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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! E, u) P& ?6 Y/ ZOil price rises to 2-year high above $58 US on supply slowdown
' a5 V4 T5 ?9 J: JCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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