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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.2 P0 h: U8 b8 \8 \- C, m; `; t6 Z
0 p7 v) Q3 m/ d3 g3 cCalgary to have Canada's fastest growing economy this year, Conference Board says4 s3 _7 E) `" h4 V7 W. |
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.. M- i& B2 L/ A2 r
2 K m) B: \( e$ O* k"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.% w; M5 P0 c* Z- U2 V% f
. C# x' r9 M/ l1 v) D/ J"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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0 T7 W8 w3 G3 G+ xThe "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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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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# n1 _$ U+ t1 u S"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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4 b3 u' J; X% r" D2 HOil price rises to 2-year high above $58 US on supply slowdown
1 R' G' ^1 k& U( u7 N p. RCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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