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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.1 O1 K8 l: R) R4 F
3 a. i2 F' T$ B0 ?% m8 N"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.2 b1 h, H9 P+ Q" ]( u7 U. x
$ M! O+ Z8 D# k! LCalgary to have Canada's fastest growing economy this year, Conference Board says/ Z+ F. Y; E- f
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.
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8 n$ Q* X# M0 w; l/ t2 N"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.! K0 i9 g0 l- A# c" J
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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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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.% o! k0 l+ t5 A/ R" }% z3 x9 Y
% ]- v2 \% P+ A% }9 k4 iIt 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.
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! O4 f! j, g: O9 c8 lOil price rises to 2-year high above $58 US on supply slowdown, B& O$ n+ v: D# ?+ W
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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