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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.2 |6 m0 J2 a1 T S$ R
7 N- i$ d# \4 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.2 i3 L' g: Z2 W" p$ B# g5 n
; g5 }: t* R+ h( q9 P" v4 CCalgary to have Canada's fastest growing economy this year, Conference Board says
8 C5 \6 T. N+ T5 e1 |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.": i8 h& d+ [! ~" N6 Z Z
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.2 e. T. e9 V7 A, i6 P3 a9 s+ f
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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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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+ |7 x# `! f0 B8 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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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.8 h! P& [, C+ s4 v
+ d& {! \% s2 F+ yOil price rises to 2-year high above $58 US on supply slowdown2 b M0 c, W+ W6 ^; m
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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