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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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"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.3 C8 l0 O8 c. N1 |
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Calgary to have Canada's fastest growing economy this year, Conference Board says( R; p1 k- D) y0 I, M) v
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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5 p3 i0 P" M0 S: _9 L KThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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J+ b6 V" B$ v3 j# D' v"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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; c9 W2 r5 V' N/ z Q"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.- Q& l! {) ]7 q! h
8 t! M1 Z: m* E" U7 Y- JIt 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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"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 k W; q: L( m$ T h8 |
5 A$ L* t6 I% U% W+ K" W! a5 H0 wOil price rises to 2-year high above $58 US on supply slowdown' T, B/ z4 {) E4 M; `' E
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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