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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.) K; O. u! ` Q; }3 m
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Calgary to have Canada's fastest growing economy this year, Conference Board says
* M2 R6 K: V7 n T+ TThe 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.8 e+ ]# z/ A. i3 B8 `7 Q% N3 t4 l8 E3 V0 B
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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. h i% C# x/ M* M8 V& g
) U$ [' ?5 }1 Z: |1 P. e"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."- H. X4 O/ z; T! r& L
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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.) a" u6 S( ^) N5 T, y7 I" U
7 ~) o2 u$ ^/ w+ y8 dIt 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.- t: o% g2 {/ \, j1 ~4 \
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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.2 v% j6 E+ W% A9 ~0 v8 ? r. B. ~+ Q
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Oil price rises to 2-year high above $58 US on supply slowdown1 e2 A8 A C; }3 Y7 ?' e
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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