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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.5 O9 x( s: O' V, q% @* D) i
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"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., o/ v v3 H a, z
; q& D, e2 d- kCalgary to have Canada's fastest growing economy this year, Conference Board says
4 P6 l! y. {: [# a3 H5 F' R% A5 p+ XThe 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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# V6 v* n: v1 rThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.2 c0 D& C5 s' ]2 t* A& {$ R
( G( u( m2 A0 t: X% ~, d"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.# {- [ t0 u% @
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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: `: C5 I& U, x' yThe "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.% Y3 k1 M" z! U4 u( C% n0 U
2 e+ j1 X& [( @ a5 N"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.7 l: y0 u* c8 i. L+ w5 A/ r7 A
$ Q1 j6 p8 n1 b& FOil price rises to 2-year high above $58 US on supply slowdown1 X8 n$ P- ~ o5 ^0 H. O9 j
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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