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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.$ Y% j P( w! L& u( V+ S
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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
, i+ S x& g1 {: ~# T3 \5 A( oThe 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.", j0 {9 W7 l" S+ k1 S a
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.% A4 n; x% C3 J2 s4 `
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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.6 c( p7 Z2 Q& V. q
0 R% C B" X6 j# q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."4 G# s! r; {1 U8 X% d
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/ \- \" e: @; k' T/ C4 MThe "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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S9 [2 Q- I# _1 g2 O$ Q6 \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 u+ V1 J# i2 w6 X. l: o9 [
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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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1 C) l( q8 I _1 o1 iOil price rises to 2-year high above $58 US on supply slowdown; T) ^1 o2 |/ j/ B
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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