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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 @& l3 k( c5 _"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.6 `$ l5 b& B# o! j2 _. O/ k
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Calgary to have Canada's fastest growing economy this year, Conference Board says% @$ J) @6 I; {: ~/ j
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.", y% j8 ^2 z. r
) K; s4 N/ i+ ^2 V0 a! SThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 P8 F# Y1 a: k7 p
7 j9 A4 s( k M; I0 S"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.
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! J2 p: u! |2 M2 C1 U: t; sIt 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.9 P/ |" r6 B" u$ h% }& q& k4 t$ U
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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.! X" H h6 ]4 Y+ O8 ?
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Oil price rises to 2-year high above $58 US on supply slowdown7 k }3 [. d) Z8 B- f$ g% W
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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