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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# h2 o- O: h, L. t; R
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."- T+ d, s) q, S+ p8 R
V' f2 p) f# d4 W6 ?; _5 i' N0 NThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 u+ Z# ]! ?* ~
; w1 N5 G) x4 R# E" r1 F! b"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.. J. \. B1 P ?8 E9 X$ j r
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." w) A7 v1 T6 x' r; Z: Q! d5 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.+ B+ F" j+ d( U0 m
: I" e# ^2 ?* U# [& @$ n% BIt 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.! v/ \8 P2 Q' u$ K; z
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Oil price rises to 2-year high above $58 US on supply slowdown
* X" d+ ]# i& ~+ L, F' YCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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