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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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: @' _7 O5 q2 t5 q9 k$ e2 zCalgary to have Canada's fastest growing economy this year, Conference Board says
9 }9 Z1 }1 j6 K$ W) Z( f9 mThe 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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( e7 a2 ]+ |, k$ k' vThe 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." W2 P6 w9 p s0 B/ U) g$ k
j% R) l& z5 V- b8 a"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."1 a" p; F) U! s7 w/ f- k
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# }4 l6 x% R* HThe "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.+ K+ w& C+ R# m2 M8 h' g
/ m# z2 {! I0 ]- u0 L2 _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., j" S& X- f6 p
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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.* x7 d6 {$ Z; h0 Y1 E
3 h# c% C% g5 ~1 ~( d3 [& jOil price rises to 2-year high above $58 US on supply slowdown2 R: q6 {. K5 y6 V& P& d
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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