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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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( F% X; k1 Y/ j$ p, W! A, N( w"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." Q- [( t! z5 t+ y5 a5 u
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Calgary to have Canada's fastest growing economy this year, Conference Board says
! l$ m+ v6 t$ oThe 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."$ ]3 X" d$ K) F
w! r" w( S/ y' aThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& C+ F" U- w/ t% D' N9 V, N( g; I
- G' Q' ^7 ?0 ]2 i' x) s"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.9 z6 J: Z4 \( t+ |: `3 _7 B% ~: P
! \ b( W" R4 u; z. s"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."( l1 `, J, F! U
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$ @2 Z1 w6 D* T }, A0 x* 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.9 M/ \9 u/ `7 P% T2 f# h" x" P
% F/ I2 x3 ?; XIt 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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+ g) Q& v: M% x$ Q) u! J"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.! \; _& b5 t# f7 Z6 D: o7 q" h5 x
I* q. V. K) XOil price rises to 2-year high above $58 US on supply slowdown
0 k- l2 _% T, i2 sCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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