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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 says8 R9 x# Y+ @6 V" E
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." b4 ]7 Q5 b( W+ ~6 T7 K
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ U, a. L2 I6 u# w F* f& [
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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.3 i- a6 ~" k. a& w( o) t
$ _) @6 y, t6 p) k0 v"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."; n& @) c7 ?( A2 x0 d9 G( B
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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.* t4 k6 p. \6 z, ^2 E% D9 n
. m; \/ ]3 ?: @0 \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.# N/ N% z* ]3 q A |
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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
" o, \8 M: M! pCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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