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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.* j _1 Z: f7 W
' D% |8 q3 j" [% c* }/ ECalgary to have Canada's fastest growing economy this year, Conference Board says
8 v" _% R5 [" K) ~# ]3 l2 ?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."" r. q* e( m: e: J8 B* L( u% u8 Y
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 ?$ x' R3 u- |1 w4 S9 y; j5 L
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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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. r- v) W d, Q* T/ G"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' Q, Q: V5 b m: S" X
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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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4 d7 }0 j# T- d: q. jIt 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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% r; _ K% [/ G i; J2 A"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.% N% M" o$ `7 s/ b4 G, t
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Oil price rises to 2-year high above $58 US on supply slowdown
) }3 A" ]3 r- i& E. q: pCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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