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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 o" s9 M! U7 r+ u3 u. |
3 v# J& \& |+ j5 L2 M5 L# K"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.6 j! ^+ U0 I- M
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Calgary to have Canada's fastest growing economy this year, Conference Board says
4 b. ?& A( L' f9 q) p1 ~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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0 G) D% F4 I$ l; x" K5 t! M/ Z, yThe 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.# n' q/ r$ Q0 z2 O( V: h6 d1 `6 ` O
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."% K% ~& y5 o( S, ?0 F4 t0 X
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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.
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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.7 }' x5 P9 H4 |! w% G. i2 N. W
0 ]& L" G1 n: u( s: p/ B( @4 j5 ~"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 _/ }. f2 Q6 x0 H- V. P# u* N
5 N" ~& W6 e" J! W7 R& mOil price rises to 2-year high above $58 US on supply slowdown6 \. y3 ]0 @3 }% w
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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