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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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5 q) Y8 D3 R" W" F6 j+ w4 F: `2 o/ bCalgary to have Canada's fastest growing economy this year, Conference Board says
; e6 W. d, s( i6 m9 w% L- k+ ?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."! y8 U+ v% k% T! e' I( @
) e4 f; m% X# L" Z; |) QThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.- w8 F- a9 u( d3 V4 G/ H0 q o
, l% b1 Z8 Q6 I* L"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.5 N4 C3 q" s; M
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 U1 G) N. S- Q# }$ e
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/ D9 F& R; P4 N$ wThe "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.: C+ @8 @2 r% ?. r
" D8 `/ A7 m1 o+ M! V8 Q% hIt 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.9 q( e2 g: Q) T" P+ ^+ P
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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.
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Oil price rises to 2-year high above $58 US on supply slowdown& `9 `+ A: y( X& d
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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