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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.0 Q p; H& T/ f' t
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
9 V# @0 e* @& d4 q# iThe 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."& Q" F5 K! A) n9 E1 J! V9 Z
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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4 P# M9 T" E; J8 R2 ]"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." ^2 d% [, G. |6 u; \+ O/ _
1 f! l! N; k+ o! Z* O; Y# _"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."/ Y' R+ ^% X1 X- j( T" [) Z6 E; y
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5 n3 E i% r' ?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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+ z E7 z/ Z, V5 s$ S0 pIt 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.
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7 V5 ~% D4 Q# t# R C"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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Oil price rises to 2-year high above $58 US on supply slowdown# ~/ R( P/ y0 E0 m0 I
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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