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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.$ |- E% F' t$ f4 |
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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.& j; h1 z$ n N
' w9 f1 r& C! ?1 B) V: YCalgary to have Canada's fastest growing economy this year, Conference Board says0 f$ Y* o" C& T9 ^
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$ z! a. m2 H" I; n3 T$ [+ ?# ]
0 S, @! r6 _3 M! @. _5 P; ZThe 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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8 p- X% s) z+ N7 M"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."# h- D0 f) g9 J3 w% U
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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.
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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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- g5 D1 T7 V4 R. }; \"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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" d/ O& l3 ]1 P$ ^1 G+ ROil price rises to 2-year high above $58 US on supply slowdown. T* r) x9 E1 r. Q5 k
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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