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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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"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.5 X+ Z5 @: }9 w' F) J, g/ Q
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Calgary to have Canada's fastest growing economy this year, Conference Board says- @* g- |0 v2 r
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."! A+ r3 ]/ C6 Y% g5 ]+ [
$ r% F1 j: s: [2 G6 _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.& E; M/ ]8 b3 o" J2 l+ p
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' {5 S1 r! l' l9 Y3 T. S
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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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2 r( J+ p) j* u1 LIt 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.
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) y+ z- D: x( ~Oil price rises to 2-year high above $58 US on supply slowdown
" r! U4 ^7 O- J! I9 F3 M) d# PCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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