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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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6 {& [- z7 g, ^- 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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Calgary to have Canada's fastest growing economy this year, Conference Board says' D% `' ~5 D0 s6 P. E5 y
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."
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1 L* d$ M: q* Q/ n3 @The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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; W, n; ~* Y* \5 D# v' L) L"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. f- J8 w3 A, F; G: [' [% b+ J
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."- x( o& v8 a* M9 y
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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./ m& c5 v; ^/ |5 g* H: p: z
! O+ @" H# a+ q7 c/ lIt 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.' ]) r% }1 D0 }' t7 m0 Z
r5 H2 R! X1 v. h' W/ A6 D5 q"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 slowdown4 n6 y1 |% t5 o" D! E% a- f6 I' T
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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