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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says# c/ p+ n) O& [! o8 S9 x8 p
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.", k6 d* j* Z# f# w4 I" e
9 A+ i9 U" s& ~. Y! _3 b8 MThe 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.% M) n/ S2 W k+ f
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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 V" A" k, h- V4 r- W
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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. u& c7 I" g3 t2 u
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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.
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0 K: u" k) J+ y+ ?# R- n"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.& J6 q% G# m* A+ s& L
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Oil price rises to 2-year high above $58 US on supply slowdown. v+ \, K3 N) A( P! b* {
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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