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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.9 R: k- p- h8 y/ h7 s) B; }
; B8 j4 K' V7 g1 }"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.. U) @# ~* L6 r- z2 h/ d
7 B7 A* m! u, I5 e, K; ]2 \7 JCalgary to have Canada's fastest growing economy this year, Conference Board says
1 d( A1 F3 \2 Y( K9 L# jThe 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."4 O1 `! n* D2 P. N! S+ ^
' Y: G4 b/ K Z4 u& G5 o* R! hThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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9 w! q* i9 H7 \+ \"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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2 y- H) V; a# L ?3 P( w3 ?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.
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' l1 f2 X9 g2 I, \' |$ x5 q, 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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; }7 }! Z: t6 O' i/ x3 x4 J"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.1 [( |, K, Z: y5 U
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Oil price rises to 2-year high above $58 US on supply slowdown Z0 O) f# j' F" L/ _3 v) p
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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