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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.: J" r+ Y. i) C0 f2 A+ Q4 V
' o$ A" u, v6 ~4 E' SCalgary to have Canada's fastest growing economy this year, Conference Board says
- M! I4 g5 D7 h! T" W- n' MThe 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."
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The 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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# s0 ^. y8 [ `- q# Q; }0 z# `"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 {6 X8 O X+ _
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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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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.& ? R% s1 J* E
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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.6 c, Y; ^$ Z r+ t+ n- t
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Oil price rises to 2-year high above $58 US on supply slowdown4 R' d5 t4 r: ?6 D
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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