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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.. V! g4 W# O* [! u& I/ n
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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
. J; ^, @0 ~0 p( HThe 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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6 W/ H* z' a7 aThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 P8 m8 m; r; o: s$ `
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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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."% O! R; W% _- B* \4 d& t
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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.* v& o0 D! n* W" V- I) `" E6 K
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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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"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.; E" Q9 v+ [" J' y) j
s7 U }! u& Y9 E' `! C1 M4 FOil price rises to 2-year high above $58 US on supply slowdown, b1 p F0 t& F" C* d* J. M
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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