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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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% \) r% s3 ^) N" F& v* SCalgary to have Canada's fastest growing economy this year, Conference Board says f. \* G: E2 o
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."- P6 W8 M# {/ C/ N1 Y
' @, M$ `* t7 D) ?% D% W" ~1 W* iThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ ]' c5 X; z8 x7 O
h4 B; |; G' a+ Z- J"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."
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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.( M4 P% h- K! L* h0 F0 f9 P
5 x5 D+ b8 x- N5 u! D" v0 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., K4 ~% j3 C. T
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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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Oil price rises to 2-year high above $58 US on supply slowdown5 I! C; q/ J5 I9 F: J1 M
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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