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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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"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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* U. {& H: k5 }2 {; {! uCalgary to have Canada's fastest growing economy this year, Conference Board says
; D; H( p1 |6 q8 [) u! |; o, \7 fThe 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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0 c% F* y4 {( y2 z5 G"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.8 j/ ]% x& u3 x' E' c9 y
& `6 d! V) Q/ K6 b0 O( [5 H"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* m- L# y9 u5 U' o5 m4 E; }7 |
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. D) ?& j) K$ a6 pThe "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.8 N1 o* f1 y8 R- C+ i7 U) }
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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.1 x4 z0 Y8 [" x' [& Q1 x
" I% T9 ]! o4 x) I% }* m"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.4 d4 M# O U8 e' G( h9 [5 F3 G
; O5 f, E, O! z' g2 x! H6 ^* NOil price rises to 2-year high above $58 US on supply slowdown
* b' S- X/ N& M4 Z# ?& ^7 I1 WCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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