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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says" }6 c$ f3 w: A1 J: `& ?2 B
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."$ Q8 _! K# y8 n9 p9 B+ ]
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) X/ X& T* G( t
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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.0 l1 h( {1 }0 |) @4 m, ]
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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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/ t4 z$ p* K% S- D# M* X& ?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.# V8 E7 y2 ~1 i- l: o$ `& \+ \) U
C6 Z/ i& T9 N5 n DIt 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.0 p; z D3 z9 }" Y5 F. P. J& s
, D5 o. m! `. L& h; C"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: F/ }- q9 a. h, w. B
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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