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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., C- J8 O( l* Q# N$ k5 I8 i1 I; {
6 V3 C8 D9 q/ p2 Z" s"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.2 G d4 L( @' t7 V0 m1 N. ^8 S5 C
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Calgary to have Canada's fastest growing economy this year, Conference Board says4 b2 o# Z; @$ m d
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.: b2 y% A7 _1 k9 Z. ?: H8 \% k
& M( ^/ y; q. M' f3 o9 {"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.4 j9 ^6 s8 ]) _" H4 ?7 X' I
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.": T2 V) u q* u6 z W4 d, U
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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.. u" @# }' Y" w0 I6 r
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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 y5 ~% L' S# o$ s, r% `, J
9 k3 L. I$ g; l' J5 a# L( ]( cOil price rises to 2-year high above $58 US on supply slowdown
2 v0 h/ o# f9 J0 P3 b% Q3 {$ _2 ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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