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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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. Q5 Y* v' V- W% b4 L( H7 q"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 H! z# j# D$ V; ~ M8 V( qCalgary to have Canada's fastest growing economy this year, Conference Board says
. | A8 B$ o: A+ _* @8 RThe 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."; E: B8 H% \; b+ n5 T" \6 l
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.+ o2 B) B" j3 f% ~
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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. x' W7 ^; ^* e
3 ?% d2 t1 N! N, \"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! @, P8 j. r6 C+ b3 X& A) l
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- a9 e6 Q) x* FThe "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.- U9 |" P- @( v, ~9 w4 I" m
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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.3 }, I, n% `( N9 F8 w" e
, g& M$ k v0 X$ _: f' U# b"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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Oil price rises to 2-year high above $58 US on supply slowdown! s5 l2 t0 k0 v* Y# z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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