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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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v) N# V/ O t9 ]4 `"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.$ ^( }2 j: m, @; y; e8 @2 A: u. p4 M
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Calgary to have Canada's fastest growing economy this year, Conference Board says
. t' a+ X$ Q) M; ^$ v$ _+ B- NThe 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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9 g+ q; U1 D/ D: ^6 nThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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4 v x H( G4 P) y* @/ E"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., Z8 D t- l3 _7 I# Q; Z
& D5 `5 d W' q V* Y8 _: u8 I F"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."0 s) y4 {6 Z9 {( R8 k9 U M# x8 j
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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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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.# G2 P# c- L0 D1 t0 q- c+ X: P
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"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." q, j( J. J3 a$ w( i% h- Q
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Oil price rises to 2-year high above $58 US on supply slowdown. B! ^+ u) _! S I% z: m
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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