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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.3 Z- \* _' z, f; N7 V. K
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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.
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; T5 I! h3 e! N8 a+ b1 p; ECalgary to have Canada's fastest growing economy this year, Conference Board says
9 e) K# i3 Q2 `7 Z4 b0 w. j" rThe 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."' `0 Y4 ^, l: f9 f& Q- L; i
. J( w( K i# nThe 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.+ e; v# l) _# m) f& }" G
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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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, t8 Y K0 @5 g6 p: B) f S! L P6 [ HThe "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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- Q! d4 R! D2 ?8 Q4 [& mOil price rises to 2-year high above $58 US on supply slowdown, R' j- k6 ^2 Z1 g. q' D f! C
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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