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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.$ k2 h2 G/ D l9 Y. k6 u4 F( z
, y' h2 H' T$ I4 gCalgary to have Canada's fastest growing economy this year, Conference Board says
$ |9 z! P$ J, d$ l6 C* h/ ~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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3 k8 s$ Z* H# B# x2 CThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.
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" L3 Z- K! ^ o% Y! x"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."8 P, |& {9 J, S1 I6 Q7 Q; P; g
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8 Y6 a( w C g" Y" IThe "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.
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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.5 o. B+ Z3 Y% l# p$ E
9 H/ t" {7 N" t) f8 n' tOil price rises to 2-year high above $58 US on supply slowdown' X% a X2 l6 Z# I6 ^
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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