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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.
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- w3 Z) a: Y4 K3 t/ m" vCalgary to have Canada's fastest growing economy this year, Conference Board says) k* @- H( Z+ r# ~# O; V
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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. ~/ e' U$ d; IThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 z4 J2 b* a+ h
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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.3 ~: P, ^" a5 k3 R; g
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"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 U: M' e5 ^; ~, `' c5 H0 XThe "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.% g. _7 P9 }! E; i+ W. O
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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.& b/ ?4 Q: c, |6 w5 t0 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. z: d, T* b* e3 }
! u( O0 X# t. Q) n& R3 q: }Oil price rises to 2-year high above $58 US on supply slowdown1 |0 ^% d4 o, Y5 r3 o# M3 L8 ~
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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