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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.7 @; s9 I4 Z, p( g& b* f) Z
- w) o% m$ q% y$ P"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.1 U$ @8 a" U. M
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Calgary to have Canada's fastest growing economy this year, Conference Board says6 `6 B8 S# d C: A& c
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& s' ^1 w: Q/ m" G) y
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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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* H1 ]; w) T# U4 \ S
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( Y( A0 e" W, S$ }9 LThe "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; h9 c7 G: n# ]9 R Y( ~7 Y+ 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.2 z U4 k/ ^4 \% `) n1 D5 ] g% K
5 x3 A6 h$ Y% B" i: YOil price rises to 2-year high above $58 US on supply slowdown
' C" s7 }/ \3 N! LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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