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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.2 u- Z5 j+ u/ N# V0 c
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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.* C) I5 i, a5 I6 R) t b
6 Y4 u$ }, r. r" c& T0 rCalgary to have Canada's fastest growing economy this year, Conference Board says
" K. O0 ^7 V. 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., k, V K9 a7 z2 _6 ?
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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.6 \! h5 q- F" D( k. h7 t
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" {+ J5 S1 d! \( c: T
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* _# Q3 i7 N: z7 L/ ^/ o; kThe "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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9 m; A4 Y8 f9 E& {. j# KIt 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.
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) M. t% Y4 V9 @. d" K% jOil price rises to 2-year high above $58 US on supply slowdown+ R3 G7 r- N/ P+ c' `4 Z( i
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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