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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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5 D1 `# u: ?5 ^4 j( [ e C"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' x; J5 l5 h z9 ]
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Calgary to have Canada's fastest growing economy this year, Conference Board says8 I3 f5 ]1 H1 s
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."
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; R& p: t- F# ?6 K/ }The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.$ t$ q r: N7 g4 S
* t4 Z/ ]$ ~; s C"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 [. M' c7 ]. M7 D, z$ u+ V+ p
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"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.; _, {% N+ o0 s9 h
) V, t4 [( j; [" C9 x" fIt 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.! n7 h+ [# L! o5 H5 J5 D
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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.: ]- v' }4 t9 @& t* b; @/ m: ^
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Oil price rises to 2-year high above $58 US on supply slowdown, Y& [1 t; O+ w4 P3 ?) O+ t& e
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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