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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.7 g! s5 t8 t/ K+ u) u6 P$ y# B2 `
0 U% D/ j, U; f"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./ e9 [/ a& P5 g) S: d* h
R& V: g4 H- T% }, S1 S1 k& qCalgary to have Canada's fastest growing economy this year, Conference Board says
3 }" i" S: ]" @0 i: m$ K) v- zThe 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."/ ~0 s8 ^* t) a
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 g) b( ^3 D+ E6 C
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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.) l9 |8 Z! |/ t9 f% i. H C
C' W( Z+ l. f8 x' H"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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6 b: h0 j7 d7 x UThe "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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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.0 n& p- h8 f. @2 x' z
* b3 W0 Q0 v( R5 q5 e5 vOil price rises to 2-year high above $58 US on supply slowdown
2 O$ O! ~, }* {* QCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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