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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. t) z- E! h9 G: Z- ?& L* y
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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.
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5 x7 J# `% C" _0 m9 k7 i9 ^Calgary to have Canada's fastest growing economy this year, Conference Board says! i" N- ~0 i0 Z+ n/ d4 `* S
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."0 a. P' |" Y, N4 k+ ]) g$ \& `. z) F
4 t- j" r `& v N4 A# TThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.3 ]& Y7 a1 \ \ e {9 m! V% d, L
; W9 `! Q% g9 S- T4 C5 t"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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"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.1 H# A; Y0 @+ u e0 H7 M
* d8 D# O) S8 u1 R- 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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2 k0 S: W" N- A8 b: H3 V7 a. d. e8 \"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 slowdown. l1 E9 u' Y2 n0 z6 x5 J- ^4 y1 @
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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