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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.$ {; Y5 _, J# o: e3 L2 ?8 l
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Calgary to have Canada's fastest growing economy this year, Conference Board says
# r7 m3 l v) \9 T' LThe 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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- `3 s# d3 J8 S3 F" E* T: aThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 J$ T3 A7 R! W/ F$ C8 p" l9 O
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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.9 W d3 ~1 Y. k7 r M5 ~& K, `
+ T8 S" w9 |( l4 i* d; A- l; c* q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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7 P. A4 C* m$ P% e( L6 j2 zThe "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.& { `) h* z9 h6 l1 |
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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.6 ^- \5 L0 y% K# a
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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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. [% k8 D5 B) d( C& KOil price rises to 2-year high above $58 US on supply slowdown* R$ X8 O) D7 t2 H9 ~1 R
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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