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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., w9 a( D& }; q3 |
1 Q" a: Y8 b M5 P* K/ i. P"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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$ B- ]* x' N: ?& J3 F2 |. @Calgary to have Canada's fastest growing economy this year, Conference Board says
5 C! E! k( q# A" j' J& zThe 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."$ ?* m% i0 W% p6 E" _% y$ b7 q
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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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"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.+ Y% f, `5 X) I9 }2 b
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' a: v) J$ X( m# ]
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* b1 s' i4 c, n# K4 g9 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.
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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.
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$ ^5 C0 D2 E* x9 S# O2 [6 N, z"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 y& R/ c1 E6 }) h F9 u5 ~! J3 F
I- e1 D9 X+ [' z7 J, bOil price rises to 2-year high above $58 US on supply slowdown. }; O( M/ V8 o; F4 m
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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