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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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, P, P2 i( L) F( [9 B9 |% C"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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Calgary to have Canada's fastest growing economy this year, Conference Board says% c8 h: a3 c" J
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."1 `5 w! U. _5 \$ H9 e
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 e: T8 l Q$ U Q: R2 y3 R& y! |3 R' Z
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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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% O3 A: _( R! t# D$ A"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 K- N$ Y1 T- O
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) D: N5 V# ~5 C9 `! f: i' x0 |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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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./ Q8 C! ~: M' k1 Q1 _' [
+ Q) C" ^) J; _5 ^( v) _"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.% j( d9 ^: g& s$ d
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Oil price rises to 2-year high above $58 US on supply slowdown+ d& @9 d- i7 a0 N ?% N6 o' Q
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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