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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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Calgary to have Canada's fastest growing economy this year, Conference Board says+ C9 Q x9 Y1 u8 L. @3 O* s
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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. Y3 V/ }) ]) d- ~ YThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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! g& d5 i9 p$ j1 V"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."4 N ]2 I1 u" w6 y, Q* H
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9 X8 T: ]5 D- V, }- O/ @( d( s1 OThe "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.: X* L, u+ l# }6 `* h. q% ^' F1 ~% c
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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.0 Q8 n3 L6 ~9 P3 x4 H6 N! l1 W
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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.+ u. i9 H: l7 [. x/ U
# J# ^, r. Q' V. uOil price rises to 2-year high above $58 US on supply slowdown# R4 u* H4 y1 q& y3 n
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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