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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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' a. q2 c: i( _7 s! V"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., k% d$ _4 G6 Q3 F+ |4 @
$ }( U( n& ~* o- VCalgary to have Canada's fastest growing economy this year, Conference Board says5 c: u! M: \9 g6 j7 H8 o7 ~
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.1 _5 F, A) `4 O+ x" {
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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.7 a7 |: x* Z* G3 b+ T3 x: C' R
0 l; K; R3 [1 n. O {, ~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 k6 f# {9 x1 n# P- K
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Oil price rises to 2-year high above $58 US on supply slowdown
0 _* o6 ?) k. g2 S9 I5 m7 a% t' E) GCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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