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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.. N" k3 w+ [! v* I+ F
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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.3 O" U( _% Y5 ~: a
& c& h2 s$ m: d+ ECalgary to have Canada's fastest growing economy this year, Conference Board says. C. n9 q7 E" N- X# _3 l 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."# _6 M/ R, r/ l& M
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) P' \. M4 Q8 K7 W1 o
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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.# j! R) Q. y! g
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* Z. F% a V5 ~5 \
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9 F ?. X) I: _# |' P1 V( {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.5 I1 x% t z, n9 h: e' q0 p
% A- Z M$ l- W: s2 L% x"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.- p) a# I/ Q T
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Oil price rises to 2-year high above $58 US on supply slowdown3 h8 l+ v& S5 Q9 { U
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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