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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.5 y7 u I1 l8 E0 I" {9 w4 q
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Calgary to have Canada's fastest growing economy this year, Conference Board says. X2 S$ z! {! s' Y- K( U
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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9 K9 t- `% T$ w7 E, H/ b"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.$ U$ l# H3 i* C. D: H. _+ C- Q- n
5 A3 ^, H1 \$ T) J& ` w6 K" K"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.5 p: L$ R+ i! Y. I
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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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8 B: M H/ @& c"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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& [1 t& X: c: p, ] h2 t* o: j: g. ROil price rises to 2-year high above $58 US on supply slowdown9 b+ E1 L# h4 s2 _: O
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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