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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
9 A2 v7 m$ g# J& kThe 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."$ m" P8 p* l, _. x) e- I& T
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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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"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.' x4 m, ^& p: D2 u i* w) w) q# W
9 ]( D3 ^% {& p$ V: I) I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.". i' W1 W# b2 R' m/ v
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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.5 W0 c" V- M" f3 }4 {$ ~
- q" a4 V4 X3 EIt 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.( }" @/ Q8 K9 d, a- l8 o: g, R
0 ^4 |: D s$ } ~3 o% N. f"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.; d1 B; W8 a& P+ G
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Oil price rises to 2-year high above $58 US on supply slowdown
1 Q0 a7 a; Z7 jCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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