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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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6 s" c( L/ i. N" `+ w% G h& h"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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says! J' }% P; f, s6 ^& N, x
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." j2 a6 Y0 ]1 Z+ |, Q6 i
( [- V$ N' o; G& U( u* a"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.1 Q& F5 _5 H8 @; a, Q% s, Q
8 T+ y( ]7 a8 s"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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' a. t2 U/ n' Z( h$ d3 JThe "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.4 f' y: \: [. T' {: {$ S! W
* W3 f/ E% c( ~9 x4 b"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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Oil price rises to 2-year high above $58 US on supply slowdown) m, d( @% r+ U
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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