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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.1 d4 T+ s; l% T/ [& T
! P5 P# I; ^) Y, e* E"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! D; S( Z' ?+ `) 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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: k5 d+ K) E' X% A( N8 \The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.5 H9 D1 f$ Y+ p! V# [, g" z/ e
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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.& k3 ^9 d0 N1 i6 U6 w5 U* z: L
( F5 }& b: }* t9 `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.
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# \3 @4 @2 X0 U! d, s: NIt 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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, V- J$ b! J# I7 h* [% R! ?"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.6 U8 D9 b) U% W2 d
8 v. A9 ^ V4 JOil price rises to 2-year high above $58 US on supply slowdown9 x% a* K7 n! A0 \
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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