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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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$ l* t) W0 a0 E- C2 T1 y' o"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.( w2 S M' o6 o+ \$ Z7 A
! m# d' k8 d7 QCalgary to have Canada's fastest growing economy this year, Conference Board says# d9 v; A. m: l# ?4 P
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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' [* V0 n( H8 KThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) P; M5 L0 ^, E! w1 Q0 _( R# x
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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.. q6 z/ A7 d& d8 S' E* Y
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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.
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It 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.( i' o3 B- g/ U' \: E8 W9 d- C
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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.8 ?8 l P% z. x c* ^! H; k2 d
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Oil price rises to 2-year high above $58 US on supply slowdown# V3 \' [0 S, K o( A* X2 F l
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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