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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.1 y" O5 H: K- J+ G
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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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1 E5 {2 f5 C& Z# N% W+ b! i4 _Calgary to have Canada's fastest growing economy this year, Conference Board says
& e: p% i% x# t( z+ m0 J6 MThe 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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' e- X3 ~* x+ G' ?- Z Y9 [- IThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( N8 G4 H6 w( Q+ @+ n% D" Z, _
0 v' l6 F# z$ i6 I- Z. 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.
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% D4 M8 ~ K. S, l; I' U"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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.
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1 {, M8 Q) L: D. I5 w5 x' ]"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.. g( a8 i: [1 K! P b- ?* A
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Oil price rises to 2-year high above $58 US on supply slowdown5 L+ g5 d8 `" p) D# B7 l
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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