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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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) A3 }- z2 T8 {/ e0 z/ m% e" {: 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.- k- e" ?2 F2 M, j$ @$ Y
5 `* w5 W; v/ m5 M% x/ @2 uCalgary to have Canada's fastest growing economy this year, Conference Board says, Q s* @. ^9 }
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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# `) b; D7 e# P/ W+ J$ j* P4 uThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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."+ P0 d6 b; T$ }6 p' \/ X1 P
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' }; E7 u& U7 T# g X* y& uThe "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.- p6 P: B/ c0 I" o% k( n; X
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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.& d3 r2 H0 X9 d$ B
! a4 A- i) k* F+ Y: j7 j"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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6 t3 t$ `5 O) _3 ]+ v/ ^Oil price rises to 2-year high above $58 US on supply slowdown2 y! M8 G2 X- t( b& j% Z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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