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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.. s e% c* d' n# t" p' `9 n
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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.5 s4 @* t. k: R" P
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Calgary to have Canada's fastest growing economy this year, Conference Board says
0 u4 w" ?0 I+ j3 ^3 G d1 l; D3 bThe 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."9 h3 I* i$ F& B
/ Z7 ^% o. P6 i! BThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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! U. C, K" s0 f4 |1 ]9 k' G6 H"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.3 W, e* Y/ ]- Y1 R% \
2 i1 F, s; r: b0 }( E0 Y6 N3 E9 Q"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.
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0 k z6 P* J$ h2 ~, fIt 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.
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Oil price rises to 2-year high above $58 US on supply slowdown9 V2 B' m- S. T* S h
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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