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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.. \8 Y, f+ q; Q, `9 P
# v5 Z6 j$ R( M4 Q, {8 M! r"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
! u2 Q. |1 j; hThe 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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# y5 L/ v7 D: o0 |$ U$ [The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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( p5 [% A5 {! t6 R N, K6 X"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."3 o- b2 }' \# M
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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.$ k# Q+ _) Y3 U1 }: T. y" a; l
p! h6 Q( M4 L+ B3 s% q6 ZIt 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.5 u5 b% ^ }5 o. t
1 ]; z. z- d( r) l; p. k) y"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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( f' x, Z8 ^8 M0 O6 _% xOil price rises to 2-year high above $58 US on supply slowdown/ g8 l" Q. U$ b. a
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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