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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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; l! U! o: K7 j* ?$ t- t0 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.$ A/ ~: c! n6 e) k
J: d0 Z9 e. oCalgary to have Canada's fastest growing economy this year, Conference Board says5 g" j6 N5 z2 J4 i' a
The 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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% h5 W4 ~5 p6 y% ~4 {5 u; I; nThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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' _! _+ Z6 [& A) b1 t"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.: j" @/ z5 D, H/ v4 z' v) B
7 F! G5 O7 z1 a8 H# V6 |8 }"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.- x+ y6 e" i3 U
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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.% o# W7 ?; q; |5 S
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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 N0 o. G/ R) g; D0 e
1 g6 z. W8 G1 N' [5 n" `. GOil price rises to 2-year high above $58 US on supply slowdown8 y1 ? h: _/ w1 l
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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