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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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9 J) @1 v* m( s& W: L"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% c2 a, q7 i0 X$ M
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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. R. @" y [5 Z) _, V1 PThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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4 `" d% H9 g3 u* {0 J" _"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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- f! E& H+ {" O$ L7 I1 d" A"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 X* k7 W( z! q9 i
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/ z V# t" X* W2 Z/ c# |/ TThe "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.. `* T# J1 U5 q0 w7 r1 U
% O* K$ L5 C( TIt 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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* T# ]8 ~& c R7 x& @- I"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 slowdown5 X* q+ c' W N2 w
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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