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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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5 ~. C% [8 H* Z4 i+ ]" v1 k"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.: D+ p; c: F9 j0 Z) k
, z( E6 f9 m$ H: f5 KCalgary to have Canada's fastest growing economy this year, Conference Board says! V+ d5 `8 @! W* C/ @; a; i' ~6 K% R
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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- g" w" B9 V/ }/ h) A"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./ ^8 T# Q$ d; f" H0 Z i+ S
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."0 e. R# h' ^4 E
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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.9 Y- P' p0 q, x( t
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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.8 L S; Y' P5 v
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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. _9 G7 o+ x0 W k$ O) z
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Oil price rises to 2-year high above $58 US on supply slowdown/ S, d9 ^+ x4 r1 l' o
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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