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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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9 s/ n, c5 S6 w; G9 M7 H, J u"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
$ O9 j/ K$ v' pThe 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.": V$ z. K- C/ ]
: r+ A0 s# ^& w0 q9 j; ?& _The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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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$ b" f* G8 v: _, d"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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The "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.4 l$ ^7 D* n: d+ s/ ?% t
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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.) f- s- T0 b. m9 [5 O, w! W4 E0 N
# e+ n6 j: C7 D* u1 w8 k"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.- T' p% T4 o; _% O6 H& ^
o' B) P5 Y5 {* _7 i( x/ cOil price rises to 2-year high above $58 US on supply slowdown" {( e5 s4 \6 N5 ?" e4 f; }& C
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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