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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.3 P& j- x/ S$ n
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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.- i. _; S- ^0 V$ T- A J" i( K& G
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Calgary to have Canada's fastest growing economy this year, Conference Board says" o- A" s: g& ?5 G
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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, e- j3 g: }, t; 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.5 Z; d0 q3 O1 d% I/ L
4 r* l1 G; r& [/ n- ?: f4 x& V/ o"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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! n; l, r& W4 z4 C' q$ r3 f. n% 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." o) k M* a7 w7 X6 o' [; U
% F% k3 x/ B+ q9 b! n4 p& a( J) H. YIt 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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Oil price rises to 2-year high above $58 US on supply slowdown& x, k( F/ P- U
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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