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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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' s- L, m# I8 A9 ~/ JCalgary to have Canada's fastest growing economy this year, Conference Board says2 L/ R/ R* K i/ J# L
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."& ?5 o* [- k. f$ n9 b# i5 m2 ^. s! S+ V
7 h1 n9 i0 ^! [0 a* |4 E4 u/ B2 VThe 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."% e/ }, P. |9 F9 L0 `
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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.6 G$ \' F9 A% {5 s
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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/ H9 P4 W7 @5 y {/ x
& f. q2 x1 t; ^* C9 L) g' G"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 $58 US on supply slowdown
( u$ a3 R& }( y/ E$ H# L8 l& BCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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