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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.$ Q3 @7 Z0 d7 y7 B; B, }
1 g. N% u8 w! L! E5 x, c. i! b# 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.' I9 q" i% p7 K+ h
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Calgary to have Canada's fastest growing economy this year, Conference Board says
, |' m7 c4 `* i6 m) c0 m! N3 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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., V. a" Q+ v2 ?7 w6 q9 R
# D' a- z& E$ m' `"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.# n2 Q; ~7 h9 `
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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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6 [% u: e7 h( n" s* U; BThe "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.4 @; v [8 h/ c0 n4 w5 [ b. @
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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.# ~9 e6 ^7 G1 N: z- X! @
$ c9 y* u) c5 }! O5 p9 d' Y1 V8 NOil price rises to 2-year high above $58 US on supply slowdown2 F. O% I/ F D7 O. N2 L
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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