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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.6 I$ @& e& p! S
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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.4 F% o1 h; f4 s! b7 N1 U
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Calgary to have Canada's fastest growing economy this year, Conference Board says i5 }( m$ f2 N1 u! l4 `" \! S; m5 W
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."! r- D: s p/ |8 a$ t/ }
3 t1 Y9 G8 r. r! J i6 a, RThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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9 t1 u3 e# ^1 W1 u% H"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.8 y4 V# j5 M6 T; [9 {# _7 Y
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! V5 R2 u1 r: B4 }
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! Q8 q2 k8 k' s( p/ ]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.
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1 H @4 H3 S; D& m- }# kIt 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.3 u+ f" P4 s8 y* H) d: D" e$ U8 Q, p
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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.+ N5 n1 ~' w# n, t6 [
$ a* y$ J2 C. V0 uOil price rises to 2-year high above $58 US on supply slowdown6 i) k- U/ v O0 z' m% P# S
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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