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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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9 z. k; v5 ]6 _"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.* }0 }$ ?2 u) M8 D8 h! u" _' ~
7 d1 ^ }7 `7 B- T( xCalgary to have Canada's fastest growing economy this year, Conference Board says
4 Y4 X1 E7 J3 \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."5 Y" S/ U) x1 q
% B2 _5 e# {; S% `( a6 vThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.6 T+ e$ @8 P- l9 H! V
6 O! i/ T- @! n6 o$ q/ @' ?"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.- u8 S) R3 j. O' P/ B; V
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" I m9 o( l4 e7 V8 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.
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+ c* o- x" D6 R( g1 J' N% ]' ^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.3 G/ B: h$ _; i4 S- c( L
5 n( I) u7 c! i) _- {4 Z"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 slowdown6 }: {) C) e! d- V
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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