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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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! z) B4 S4 L0 g5 I"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.' d# |& _5 d! p& \) D) Q$ p. _
; V% |0 J+ E' s9 A6 v% X$ l- ECalgary to have Canada's fastest growing economy this year, Conference Board says( [% G( J' X! c1 }
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."+ z9 N9 Q+ w& ^" e& e
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 S* l; s0 x0 B/ X2 H
- g4 `% q( C/ G3 ~3 C8 P% L) p# I"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.7 L4 D9 D& v+ K8 }8 d2 \
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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./ \% K% E$ a3 O) w+ W5 {
6 N/ z' c3 w& R4 P4 |3 z; N. oIt 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." _9 H! O4 y/ y0 E2 I6 a6 a
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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 $58 US on supply slowdown. r) m$ T/ A! g) f
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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