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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' E0 Q+ E- y# H) O6 \4 J' L* X
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."
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/ v. A9 c8 C4 P6 z w" MThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& T! \+ w+ n/ ?$ p
; o7 i2 f& N7 E. Z" ?2 ?+ Z7 L"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., i3 y; T8 B) J* R$ }. u2 B
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." Z. K! N( v1 A
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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.
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$ x' m+ {) [/ }. K1 x"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 $58 US on supply slowdown" B# j3 T' L2 h- h$ V1 q+ J
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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