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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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; T8 d& Y; }% S& 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.$ h7 P3 R6 M' A! p
# o6 d' R2 V3 c' N" `4 S; H; [$ ?9 UCalgary to have Canada's fastest growing economy this year, Conference Board says: {: m3 w/ g3 b- X0 _" h. _
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.") V+ q. S3 p( r% Q( l: M
4 x! h. q+ b8 n& b" A, _The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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' g! Z B4 ^5 {3 ]; v: |5 ^0 ?"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.$ D' ~' i: F9 m3 `, y9 j/ Z
/ M, b) h5 m; `! d"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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8 d$ ^; V$ D6 X" d2 U& }: h$ xThe "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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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; Q# B4 s. ^
+ W7 J+ _8 L! a; v! P" d"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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. D/ r. ]9 z- J9 G+ \( EOil price rises to 2-year high above $58 US on supply slowdown& i5 N) m5 @5 j6 w* ~- g
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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