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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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"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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9 y& G7 B9 f: _) ECalgary to have Canada's fastest growing economy this year, Conference Board says
+ R" V, V. [* w) y) EThe 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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# y5 f$ k' j: D- k9 a& T"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.5 ?4 Q9 q Y" a
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."- |3 D; j0 N j9 l
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' x! v! i6 V7 F) T2 C- L+ ?# Z# k% dThe "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 U1 q' l) k& z7 B+ `- A G+ r% J
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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.' [. R" _9 y# ^6 O/ I$ J! f
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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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9 @4 p# T, _. j6 F# p# POil price rises to 2-year high above $58 US on supply slowdown% h* T% t/ x1 [8 U4 z& A
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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