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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.5 S3 z+ d7 ~) e) K" _
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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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3 r2 n2 x; p$ UCalgary to have Canada's fastest growing economy this year, Conference Board says: Y4 ~$ p7 N& {+ k4 y. h( v1 {, ~- p
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."# \4 O+ B X |! _" F" o, \7 c& ]
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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( C& x7 l5 M: \, m1 {! \"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.; h0 U% d8 q* l, C
( g+ o0 P" l$ T* C/ J& n"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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0 y0 w* ~8 O4 K s# e# QThe "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. I; _2 I2 q) h3 C3 o+ K
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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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" Q, U* x) S* o9 o4 X"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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Oil price rises to 2-year high above $58 US on supply slowdown7 G* t& H- J+ t) w* @
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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