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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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5 k3 p/ h: H! L/ N- F"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
% n! f6 `; c9 S$ sThe 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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/ s) Z4 W. _' P0 p. UThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.' Y& Q; K. J- i& O1 l
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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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4 D4 _- p$ |, P5 E8 w: j( A1 Q$ A! Y! n"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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. k, g* _, g$ j$ n$ R
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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.! l" `; m. Q+ R% i
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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.
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* ?9 M V7 s. \Oil price rises to 2-year high above $58 US on supply slowdown" ~ x" N6 M: R2 N
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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