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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& D. u2 g9 m7 b; K/ A! r
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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.- J& Y, `& q- E' K& {
0 T% K& a: J2 _2 ECalgary to have Canada's fastest growing economy this year, Conference Board says8 G/ {! I) A0 i- b: t; r. T
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."( L+ u" D* \: V# U. C2 h! P4 ?
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.+ R# e; P4 o2 [
, t6 V( V, l/ i ]' 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.2 b' |. r6 i$ F, W
/ Z3 S" d: Y! C5 E* h7 E3 g3 ?"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."$ s+ d- q4 R3 z9 p9 _6 r
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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 U6 k/ ]; s' O* R9 P
. A0 V- q4 j9 o7 _$ `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.$ Y3 ^5 \2 m7 v7 ] B- I
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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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! w" E7 E4 Q% k% Q/ aOil price rises to 2-year high above $58 US on supply slowdown1 L8 \5 D* o3 L8 \0 {2 @
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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