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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.# n ?' g: I/ I& C) _/ M
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Calgary to have Canada's fastest growing economy this year, Conference Board says
1 H; @* w- Y/ HThe 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."2 k+ `* `( W& E' V
" T7 D+ @$ M3 `0 P A1 _8 }9 PThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 u+ p/ L* j$ o F: P
! k# Q. v0 S( y2 _" ?( ^6 x+ }: 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.* R( A8 F, U% u& T* m& s# W
3 d- _. W+ }1 s6 h* F"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& f' a9 l" I! I
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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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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.
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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.: O0 O6 a& @! J
: D6 F! _- q( [6 t8 E" \3 fOil price rises to 2-year high above $58 US on supply slowdown
( }# x* o C" T, M2 K! WCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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