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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.8 i3 S7 z' _8 Q0 b) e& M
9 v# g! j% R1 K/ M0 c6 B$ z6 y"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.
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- d! } M8 Q f- C. H9 B4 ZCalgary to have Canada's fastest growing economy this year, Conference Board says/ K# ~# c2 G+ J2 a- p3 E1 @
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."/ f, S: {& |8 C' l4 J- G E( e
5 x* N5 B: w! I( ^The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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2 t/ T8 D) P; U/ i+ N1 G& |8 U, r"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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: Y* L& @) P/ C4 Z"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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, }. y5 m( L$ AThe "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.
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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.
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, ?8 A0 I7 @& D- z; }. r' ~Oil price rises to 2-year high above $58 US on supply slowdown" e1 y: J# U2 T& Z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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