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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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8 M8 R" [- x( S1 `6 L* {' g"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.0 A S" f$ `* Y. W, U5 a& [3 \ C
- H1 p1 }. D# E% w7 \1 \Calgary to have Canada's fastest growing economy this year, Conference Board says
$ W z) ]+ u. OThe 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.1 X( l" ?; Y$ ]0 w8 F3 ~4 `1 @/ }
7 m/ I+ n1 {3 H/ U"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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- U/ `7 G* ?4 `0 i' v1 {4 y"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."$ n, ^, C" [& `
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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.4 h. Y8 O# n+ c6 L' _
* S- j/ S5 Q; J( \* @9 FIt 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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0 }* ]- u' Q, A HOil price rises to 2-year high above $58 US on supply slowdown& n7 l! u/ [/ f4 b
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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