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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." O- `7 y+ c6 ]
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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.. L4 N$ M) `- \- J* U
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Calgary to have Canada's fastest growing economy this year, Conference Board says9 |3 E8 _/ i, M8 I/ [/ G
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."! I' l' @& L4 w+ M. L' s n4 K
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.+ r) `& l) a" d" \/ _5 ?& @* H
* j- K/ @8 n& B"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.$ k l i) ~- C/ Y
* r) {7 j# |, f8 ^& [6 U"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."0 V1 X h# f3 m: Y4 f, v
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/ T4 z4 W6 O( a( o; M, DThe "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.; O$ d' f+ G- y5 D
6 g" Y: y8 O2 v4 g7 iIt 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.( f* O$ Q k/ `
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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.$ D! F# t+ d6 q L& c
1 ~6 K5 l" H4 ?/ H( k/ G! tOil price rises to 2-year high above $58 US on supply slowdown7 z. q& ^, \# T
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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