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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says: X) b% V& t3 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."1 j$ s. G: v3 P& {
- [/ I, C$ {/ j, q6 Q( V3 A% DThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 L) I- u" v1 O- r% f
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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.$ A8 u" z) r5 o, i6 R9 s
: {4 T' F4 @$ Y4 j. h) l"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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! e' c0 h6 z& R; r. ?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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4 ^) m, a" t' j2 _. I8 hIt 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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2 y( m$ T- g V, J"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.: T+ i* {' Q& m
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Oil price rises to 2-year high above $58 US on supply slowdown. r9 @3 n3 I! J4 Z5 X* A2 y
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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