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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.
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9 A( z) U" r6 W6 m5 M3 [: N1 ZCalgary to have Canada's fastest growing economy this year, Conference Board says) P0 ~5 z' c* @$ m! p
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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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.5 }- F$ R3 U- S4 r5 p
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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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* b$ V( u' x6 [- x4 y1 |2 c$ NThe "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.; t7 y- U! o }$ t; j- A
1 a0 k1 q) J, O! f$ f, \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.; M; n5 K6 c$ u$ e
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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.. B& F' V5 \% c( w( [1 I Y7 X2 h! n
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Oil price rises to 2-year high above $58 US on supply slowdown
% y7 W- R3 N/ S$ B' wCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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