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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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: X& ~# V- j7 \* Q, ?- D8 a"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., n+ p) d! ]+ ?2 {% J' X- H
. h% v/ x% v' } F! E4 V WCalgary to have Canada's fastest growing economy this year, Conference Board says7 i( _3 j1 U, L& c
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."' @2 y Z, O3 q& i; Y
6 {! g# e/ W! G0 F* nThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 }3 s, o ]: p
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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.
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2 H8 n7 C* r" R7 H"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."7 Y% p8 O7 d: J5 j& \: X" c0 k% }
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2 |# U# J( \4 A `' i P& VThe "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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9 _. t. Z% J5 X+ S: _- l) _# KIt 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.! s- g6 C6 X! D2 b1 K8 F
9 m/ s( |: Y$ q0 F# s7 ]1 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.5 y( O% g! g2 l
0 [; A( E" R- v" n- k% C- E8 T+ nOil price rises to 2-year high above $58 US on supply slowdown& w; R- J" q+ }! I
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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