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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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5 n* G$ a7 H5 c"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
# N( g1 J' T k- @" G5 IThe 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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O% X E2 U1 B8 B. |The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.. o0 e9 K5 b- N
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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.- E+ B" o4 l! Y8 X6 F
E9 s$ b$ s! T# @, l5 l"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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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./ Y f" p6 ~1 Z' Z1 k
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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.% R) x+ R3 Z7 E) O; j/ y
8 q. X9 `( @! V# h) YOil price rises to 2-year high above $58 US on supply slowdown7 ]7 m& j- T q3 j
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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