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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.' r* K; \5 x; m2 \3 A4 Q" s4 q9 N
& L/ ?; J6 D8 {1 B2 p$ n2 ?"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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5 \4 k' s6 H+ _# W% ECalgary to have Canada's fastest growing economy this year, Conference Board says9 [( K- y$ h: H- ]5 g. ~" d. }
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.": f- C0 U" U( ~. n: X
+ {3 J9 l( F) ?0 x5 ]8 H/ |' TThe 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.
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"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.$ h; ]/ A+ q0 K. A
3 O0 Z, }. Y) P' j, 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.
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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 slowdown0 h8 t& F7 W* y, e
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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