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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.5 ^8 ]- ?1 b" s8 [: v2 S0 t; Y4 a
; A6 z( [/ B9 m, I' m& Y"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.$ ^! s3 i- ` h3 `0 s$ l
- F$ P( A( R5 P7 [3 fCalgary to have Canada's fastest growing economy this year, Conference Board says
1 ?& {- C" h p2 f$ Q0 qThe 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.") }1 e7 a6 L' j9 j3 d8 ]) j
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.' j6 X& N1 K5 Y
; u/ U0 S9 P/ k& F O- } ?"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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& X% l' _" M$ W1 W1 MThe "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.. J: i# t$ Z% a: Q
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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./ H ]5 A5 [0 p; z- z
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Oil price rises to 2-year high above $58 US on supply slowdown2 Q- U3 j$ e6 W
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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