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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.$ o$ ]% X5 X& Y
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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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* c+ t6 h) R7 d% K/ B/ x+ XCalgary to have Canada's fastest growing economy this year, Conference Board says6 x& p8 E8 [0 x$ [( y% d) T
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."! N; A7 \" ?( F1 {# v9 c
8 V( c" Y5 k" j' h& mThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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. J7 |* o5 _. {"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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# I3 x. h+ {! n1 W8 ]"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.4 e3 L6 @4 ^& Y
, ?; I% d" f" s t6 y- u+ XIt 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./ c" z! }$ {; G9 x" b/ H
) t5 ^1 N. |# u* w9 a"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! ?! ^* i: O, k- ]0 i
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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