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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.' {* e" p# |) T" K& t
3 `) g0 A1 t( m/ D: r/ {6 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.' K D4 R' s, L7 Z Z0 ^4 q
- k7 w& l1 K T1 ^& z; t( qCalgary to have Canada's fastest growing economy this year, Conference Board says( s5 E3 u0 V/ k& O6 [& I6 b
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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, {- g# l/ i+ j3 q* |5 mThe 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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8 [7 E g% a+ ~. p- F4 ~$ g) \"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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" b9 I' c9 @9 E( OThe "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.9 [# {! ~+ c& q9 @# X* S8 W
1 l# m( }4 j0 `9 q, q* 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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9 {! \8 Z5 a6 T) z8 E"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 $58 US on supply slowdown2 W6 q$ j) g4 B' a
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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