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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.5 F g' m( n+ _0 [4 B# u- X
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Calgary to have Canada's fastest growing economy this year, Conference Board says
) s8 c$ g5 v" ?/ ^1 s. TThe 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."/ J! x3 W1 v$ v: G
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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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, p, p; e, R/ a: r- P# w"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.- s- v. ^& z9 |* A6 M
& _: X( x8 H- S3 c0 [3 L"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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: c! Q- n+ H |' L9 ^/ @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.: ~* j" B) ~ L- i: q! x
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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.
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Oil price rises to 2-year high above $58 US on supply slowdown* Q, \: p; T2 k1 ~% U
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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