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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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4 s' s) Y/ \( y+ E/ d1 S"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.
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5 S% c$ L1 W* ~# t4 VCalgary to have Canada's fastest growing economy this year, Conference Board says
5 S8 t% S# B; u [$ b% W1 KThe 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."0 `0 {: H6 ^# e+ o. K& r. G
. A* Y8 ^* s! l' tThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( V7 M5 B: j' S
+ }7 N" J S p: V"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.+ t6 H3 ~. C! T+ @" n( v0 O
' i1 }- @9 y" a" o p"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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3 x" i3 X8 D! ?3 a! sThe "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 a% t0 F* B; l% e
. M2 f2 {8 W7 [ z' gIt 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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3 W: C* V: }: }' 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.2 h0 z2 Q% {" c3 ^" j
) m# k# p% e4 O/ P1 x, H' xOil price rises to 2-year high above $58 US on supply slowdown
# P# }& z0 D& K+ C; y' d$ F% W9 CCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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