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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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) ]6 P7 b& e( z" \$ T* c4 L0 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.6 i f8 B4 {" k6 {
3 {- O- b$ Q" k" _" ~( x. YCalgary to have Canada's fastest growing economy this year, Conference Board says$ v' O9 s6 E' J Q1 K% A7 ]
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., I# v2 D4 C0 ^3 x" Z2 ^
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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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"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.- p+ ? |; u6 v4 U4 H6 N9 J
5 H& m2 c* a9 n. H5 jIt 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.. }) o; g) h2 L" Z6 Z" X& ?
9 D( f& Q: C& f& ~6 n"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 d. p: e* h j0 j. R) Z6 V; G
1 L* e v W! j COil price rises to 2-year high above $58 US on supply slowdown/ x% l2 F( ~1 A' M4 x* w
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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