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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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1 \# W/ J; {1 D" a"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/ c" b7 y2 `& V- |! @. N/ v# q
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."6 H" C2 ^6 S* l+ j) O
' ]7 K8 h+ _4 eThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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4 p+ c: h# x t2 x"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.2 t; H& A& c5 W g
& d, j V. f7 `1 K, D"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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6 u- o3 \/ a; L( G1 i5 H, tThe "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.& ~# Y5 D6 t& H9 j
1 c5 F3 x- I7 H$ Q* u"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 $58 US on supply slowdown
2 [2 E- w$ t' y; Y uCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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