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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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, G8 Y6 g1 P' r2 Y, a9 m" 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.4 A( q$ g% V* Q) i- P. J2 k3 |
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Calgary to have Canada's fastest growing economy this year, Conference Board says" N! h) ~) `( z5 h
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.0 V/ m; |, a+ H# @, Y
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"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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# W( e! r; p3 ]"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! r6 d7 m& q. K4 @( M3 P! D
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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.2 }. J. H+ q+ k, c$ K
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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.8 W3 k6 m) k/ V1 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.
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+ b/ A. P7 d, k3 h- iOil price rises to 2-year high above $58 US on supply slowdown
2 A6 o1 p' y6 p1 }/ M; @5 j* uCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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