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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.# L: f6 q0 D1 N6 V+ c; N
! \, i R6 {, t. UCalgary to have Canada's fastest growing economy this year, Conference Board says
4 k' a8 e$ a4 l# u7 pThe 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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+ S0 t1 [3 W sThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 i7 K- a, B- s; d
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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.. s. j, H5 @. d. @$ W, B
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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.3 z8 A4 _$ P' `; |6 N
" X6 @! s1 }- d$ ~9 S9 aIt 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. ?- y1 {# `+ F, n n- w0 l' n
' z( g" j9 D/ h( C+ z, |"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.5 T p% \% J. n" p F, D
1 A( e. m' J5 l2 B. j& ~7 qOil price rises to 2-year high above $58 US on supply slowdown# f9 s' J, b" m
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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