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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
- R: d% J& C/ i, R: [: qThe 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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9 g6 _ u! z: Z. j7 V$ nThe 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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.") T$ S* u! J4 F9 A5 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.
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2 J* g- U# Y$ l* 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.3 n; R* p5 c5 x. H( c/ F
( @4 y! e( t u. n$ b$ Q"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." z+ @" }2 h9 t, r
, i5 f) B0 K. UOil price rises to 2-year high above $58 US on supply slowdown4 H$ Z# o! j9 i
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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