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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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' @. ]2 V$ S5 w/ t9 p"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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) A5 N* u8 Q/ I3 z! F; o# {Calgary to have Canada's fastest growing economy this year, Conference Board says
) U7 v0 Y0 G8 fThe 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."8 }$ d- O! l' m# }6 V q5 [
; n& t& S* a: Z4 `: K b+ b2 q+ xThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.! I& ~8 E) b2 I7 b$ T, z; Y* u
0 O( A2 C/ Y+ m6 f$ `: K"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.", V0 x* r3 l# Q. _8 g D2 a
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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.4 ?# s- g0 o$ F" e c$ B! ~8 U
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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.9 x1 _0 B+ R% z! i2 ~, Z
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Oil price rises to 2-year high above $58 US on supply slowdown8 N: H& G$ W4 `1 ]; F8 r: z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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