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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.: R" Q+ ? k% R% V! N
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Calgary to have Canada's fastest growing economy this year, Conference Board says* w5 ^. O- e8 @( B# X# Q
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."
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+ o* U- a6 J4 o+ ~, @' KThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., k: q' ~& }3 B$ |* N
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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. n6 I# N6 b- }4 Q! @9 r, N
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."6 I2 G5 |8 ^. V- Q7 E" L% A+ E& |1 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.. Q' f5 h/ G$ G: A J. R0 I2 R1 ?3 S
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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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9 S1 e1 H- j+ G# _" {"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
0 {7 o& d( x2 q, uCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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