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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 says1 c# j5 O) a9 A7 z6 J. w8 Y- C
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."+ X. W! D8 J% S7 U) E; R* o
8 f8 a u7 L: P# G& ~( `9 BThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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* t) e4 D# v( m D2 c- w7 ]( z"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."
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) T+ e. r( m2 g0 T+ BThe "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." |+ f/ w4 ~, a+ q
( S0 w2 r/ r7 t9 P2 m/ s' nIt 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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2 D2 J4 o+ e, l; e0 w6 N6 c J t"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.' o! A+ t4 R- e( ~8 a1 P
: C. K* M" [, M# U( [) TOil price rises to 2-year high above $58 US on supply slowdown
: W/ s2 ]9 U8 y* p* TCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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