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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.: u( g, E# I' ]
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Calgary to have Canada's fastest growing economy this year, Conference Board says
$ C; R6 @. e7 t6 ^# `" DThe 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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7 J! d4 s5 [# d6 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.: D _: r& i4 X8 a: }. a5 w* a
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", _0 B3 ]# \& P$ _# t# J$ N
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: b" K0 x, O O* A( @2 `) dThe "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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5 @3 _) [( f' w EIt 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.5 O8 D5 q& t% J n! p0 _- P* k
8 k8 C$ U2 i+ Y+ j/ N; h"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.; Y) v; n& O: O8 @% o
' w+ M1 P- P. P! h1 m M9 b$ kOil price rises to 2-year high above $58 US on supply slowdown/ Q0 }- q$ y' j8 P' T. _
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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