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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.9 Y/ ^ E! ?, t) M/ E% H! f/ e
! A# j0 Y# U$ j"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 says6 Z9 B! p6 R- h( O6 `9 E1 `
The 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."! }* Y9 k/ a. D7 r# [
+ j) R$ p* Q( Z& ZThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 m" l8 O* n7 l5 i5 j5 t0 Z
; ]- Z% L) |+ W"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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2 R1 @8 ]+ O. F' O9 E"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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.
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+ d5 L/ V o* x1 Y% u) Q$ JIt 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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) L& K' y H6 _: Z: q* p"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.; {/ _' x0 Q) J6 H+ J5 i" `( q
% q# m$ v- c3 H2 Z7 C& sOil price rises to 2-year high above $58 US on supply slowdown* ~! J6 t, Z* m6 `. g6 A" I
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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