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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.2 A/ `$ ?7 O8 S. `. Z
7 d1 S8 w9 w# }" L" K; V( h! B"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.6 i, B; y# a, |3 u2 i
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Calgary to have Canada's fastest growing economy this year, Conference Board says U$ Q0 ?5 \1 g4 O
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."& {4 A6 C) h# ^8 K) h; g- e$ ~+ a
: Q# ~3 U M/ T7 J! TThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.6 B) U- A7 y1 t9 n
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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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" F Z b, a2 r6 E- k" J
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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.
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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./ ~3 @; P: @- M
9 I8 ~% I$ l, B5 V( B. D"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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Oil price rises to 2-year high above $58 US on supply slowdown0 p* h; z. }/ @: K E0 v- b# y
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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