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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.# R" H% n8 A2 m' S( a+ f
9 O5 W3 M: `+ W: dCalgary to have Canada's fastest growing economy this year, Conference Board says1 c* ~% J$ k b4 s% B% Q9 N; n; ^
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." A9 }+ n, h$ p( P& p
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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.9 m* K+ R* @/ }0 X" b
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 W6 G* A) P, |
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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.$ W. W0 H2 X7 w+ q2 w1 L# M
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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.) j7 `+ k9 R2 T+ w9 Q
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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 r, u: o, r. x' X) H2 P) L4 k$ c
7 q. H# l% k0 x7 o' D2 XOil price rises to 2-year high above $58 US on supply slowdown( R* R+ H2 V8 Z! c; f4 z$ r
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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