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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.* m3 U# e9 c, M- a4 h% g+ l
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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.' A$ }/ o& P; U
9 \; Q+ p9 N5 VCalgary to have Canada's fastest growing economy this year, Conference Board says
, w6 y" ~1 U8 R$ BThe 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 {7 C$ c! w, L; H, M6 d
/ x7 s2 ^$ I+ Z3 dThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.' `/ M# N$ a$ ]9 m
1 T* W: X* P$ ^6 E"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."4 M7 ]# G9 T( L* `+ |* E6 B$ m
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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.* ]1 }% E: ]5 Y1 z
7 S0 y: ^: q9 ]. H, I: ~2 aIt 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.1 p, A2 [( }. o5 A
' d4 Z) e4 a" [2 V' K, K& k: o"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.3 e) d7 c' ?) R o# P1 P& j
; ^6 P% q! _' j/ i9 F4 OOil price rises to 2-year high above $58 US on supply slowdown# c, I- i f) K$ x( N
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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