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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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, i: l0 \! ]; u1 s4 @: A3 M"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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! T0 \1 ?3 @4 Q( q1 c: oCalgary to have Canada's fastest growing economy this year, Conference Board says
5 L4 Q; z4 g2 o" d, x, ? eThe 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."8 E# e5 s1 E' k( S
% [. R! N3 W7 ^& z. C+ n/ zThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that." ~+ G6 s) L1 \
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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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." e: a3 W* [: X( j; y2 G
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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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% ?6 T; T$ @9 y {5 ]9 P$ i- oIt 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 A# N. Z% g. a7 B( J
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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.2 c2 ]7 e( q' v. V$ W
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Oil price rises to 2-year high above $58 US on supply slowdown; F5 j0 c" S% k8 f* J* {
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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