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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.# j" q8 Z* L; i' Q' L1 ~ n
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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." a, k) y1 |0 y, _: g/ b
" p, K T' U+ YCalgary to have Canada's fastest growing economy this year, Conference Board says
0 I: [3 H" o; I0 QThe 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."# M. W3 I, w. M" F5 w8 q! @) s
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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# i \5 Z B% d& j5 L& T& A* {"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.& ^* f' N4 F1 g' K
/ ?' w9 d+ |1 s+ s. r1 I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." F. h3 I5 ?8 w) v, G' C v" ^. O2 q. Y
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( _2 h' N4 f! |" c& e L4 eThe "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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+ v9 \7 T1 G1 b, B6 {$ l# 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.4 u' |+ R# H& s- k: W& b; Q. m
7 m* q: Z! F, T7 W"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./ _, x, U0 l2 E6 ?
5 H9 _2 n- t3 O; ]- TOil price rises to 2-year high above $58 US on supply slowdown( w8 t+ m$ [4 v( o4 n
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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