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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.8 T' ^( K: C' K; T6 V: n8 }$ E3 k
+ b3 T' Q" S, g* h7 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.4 m4 C7 }4 m) n* w. q: d
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Calgary to have Canada's fastest growing economy this year, Conference Board says! P9 J* W/ w0 ], q/ l6 Z5 N
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."
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1 a1 Y4 r7 e/ x7 J# \6 s7 ]& GThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ I( [; i" R$ p ~0 ?
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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."
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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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"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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|" r3 e+ e; Y, Z; v; P) f, mOil price rises to 2-year high above $58 US on supply slowdown% f- O+ m! }1 c0 n' Q& E1 N% O1 s) T
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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