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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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7 ^+ x" [& u" L"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.4 a. D( U' I; g. t5 B/ V
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Calgary to have Canada's fastest growing economy this year, Conference Board says
- |' L% W0 x- rThe 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."8 b6 ~$ E" q: ]) i5 V3 \
0 {, b$ ]* L, L, j k3 M. S0 R" aThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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3 ]; x* M( e9 X E2 S"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.) ~, S) d, u7 t! [
4 D" O& R7 o, J O"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."8 s# ?" m# r! `5 Z# V& X
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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.5 d* [% k9 ^9 X) _0 X6 J# C# t
' e0 `. i% W y- V6 N$ w lIt 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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"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.6 Z2 W/ {8 B& W7 g
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Oil price rises to 2-year high above $58 US on supply slowdown/ x7 p1 F- J' L, W5 A
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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