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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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+ t; ]7 e' e! J! p+ ^& r7 S"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.: Z" n6 B% b+ {1 O* D4 l- G$ q
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Calgary to have Canada's fastest growing economy this year, Conference Board says1 r% I! F s, v4 y
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.": C! D- ?3 P: F/ `
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 H* i2 f8 s6 H
8 l9 P$ y' z, W"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." o+ I! E: u% l9 ]
2 v) n9 u) S; rIt 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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"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.# c- H9 @" C. P, R4 `0 Z, ?% u. ]
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Oil price rises to 2-year high above $58 US on supply slowdown' i5 i1 f+ _1 F' v, E
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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