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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.8 a. K8 r3 X. G! s$ A$ W& [
. ~& O7 b, |5 K5 M+ Q9 x; D"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.# A# {0 E* j3 _& }. D
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Calgary to have Canada's fastest growing economy this year, Conference Board says6 m) e# V0 g* ]' z/ H. O k
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."5 j: M' r8 P5 g Z
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) {8 w1 P4 D* x4 [) i2 t
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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.
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3 Z( W+ _, l5 R/ M! ^"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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5 s; z3 z& D4 ^3 i! VIt 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./ U3 B+ b: v y% _5 l* O
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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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3 l) y8 r6 Z# [Oil price rises to 2-year high above $58 US on supply slowdown8 s$ x N" b8 p8 r' z1 K/ d
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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