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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.# U4 b8 a: F: b9 [1 V
- g: p8 X6 f! h' [7 X( q9 E7 o"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.6 P1 v% f K4 D4 ^9 S0 |
, y* Q3 r. x w! e% ]Calgary to have Canada's fastest growing economy this year, Conference Board says
Z# b" H2 H# W1 IThe 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."6 G1 i. d D( n6 y- v2 O8 f+ x' h
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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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# E+ d" f1 R, u"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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: ]+ I- g4 u" k5 j7 o& |! O7 j"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."+ s! u, l, i7 {+ [
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* s" P( L% u* J- E( HThe "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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# J2 ?! D* A/ g& QIt 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.3 ^, _8 S4 W0 ~5 t4 D
+ M( S* v& x! o7 O% X' T"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.1 m2 y( ~) I4 X* g# t
3 F' n: ~5 f& C6 R6 D# VOil price rises to 2-year high above $58 US on supply slowdown
/ `+ Q7 D% G& MCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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