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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.( X% R+ H! G7 X% j" P8 p
/ Z" H# l* Y# Q2 ?9 ]"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.+ p" G; R: B- O% a/ j0 W( [; i
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Calgary to have Canada's fastest growing economy this year, Conference Board says
9 p/ l1 A* w4 W/ Q! z, eThe 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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! c- F' s, k4 ]1 P' j! a2 }"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.4 X, y w/ z e% M" k/ A
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."6 g8 [7 C; \" L% e% r' H
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- W3 N' f( ?% z! D6 `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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# W* G( g. z" @ p( Y) NIt 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.6 e% z8 h" X" h8 q3 U, ^
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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.4 y6 ~' {7 X$ f l& ~& r2 s
9 N' \1 X# t' eOil price rises to 2-year high above $58 US on supply slowdown% d8 p; h3 w0 j( H& y$ J
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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