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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.% `( b1 o3 p4 i- U6 F0 W# |0 U
0 n B7 `4 F" M5 b! U6 n* }"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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Calgary to have Canada's fastest growing economy this year, Conference Board says! b3 \) n+ X# }
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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' |1 h' X9 j& H$ h: p' o N: g1 }The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.* q7 a Y; r9 C2 T# H& J* J
* g1 ]/ B" E7 q5 u"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.2 G4 m \0 D( ^6 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."- c+ m4 Q6 r+ t* x9 r
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8 i) v" I$ X& DThe "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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7 p9 M& z! m5 SIt 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.$ ^( X; \5 z, G* G. P7 b; l3 [
3 Y- F/ X6 y- b/ M6 \7 y( e8 L7 cOil price rises to 2-year high above $58 US on supply slowdown' \! J, o( B! X8 d% H) k
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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