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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.* s4 k: Z( N3 Q6 Z; D
. y# k4 L$ K" R, s# @/ ["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.& i3 Q+ A+ b& W% m6 Y4 j" e! x
/ m" p1 T6 }- `* p1 uCalgary to have Canada's fastest growing economy this year, Conference Board says ]# H- s5 ]; d3 `1 j/ @# ~% U" g8 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."' s) T" {& [$ o8 l# o1 Z# A/ g
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.
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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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0 T; w- W, @8 F& D- QThe "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 R. p& e$ g1 z6 Y- 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.- }. o, ^& N& C! Q
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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) y) }6 B, q& R! b& \3 d0 s
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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