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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.- U; P& G( g: |9 {' v7 u( n7 w1 Y) Z0 [
- C" |1 K. [0 ^9 j4 B; C6 K"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.; ~. Z0 v2 D1 T
0 Y( x$ p" I- wCalgary to have Canada's fastest growing economy this year, Conference Board says! D8 S5 p; R9 j2 j# V h
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./ b6 E/ P1 X& Y! ]4 j
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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.& t" x% p# t; v) m5 [$ J
9 v3 I2 a- x7 @; Q# Y"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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( ~) t! S* y) P$ T7 K1 Z" [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.
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# J& P0 R0 } K' k/ v; 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.% ?) } S! W6 `( a: P- M5 q
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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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. o; D4 Y6 g+ ]2 N4 s& S5 a2 y/ ^Oil price rises to 2-year high above $58 US on supply slowdown
( X; U2 y1 x! WCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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