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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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$ @/ ^2 x! M5 F1 D' p6 ~: r5 S"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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/ K* {! G. _5 u G; f" GCalgary to have Canada's fastest growing economy this year, Conference Board says
& ~# Y% ~5 I, W+ q" I6 L" V: 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."9 G# }: K0 I) r- E# {, n/ T
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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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"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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( _. ~9 b2 b0 I( {8 I4 h8 h"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."# U0 u% X( p+ A3 m9 |
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# i, U: D; e! n' @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.% E! V6 f a/ n8 @- e
) N& i0 f/ k1 q) w' wIt 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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) O: r# j$ v4 |; a/ f: }+ X) r"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.% c# n' s3 o2 X/ D3 |% ^
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Oil price rises to 2-year high above $58 US on supply slowdown3 N$ X+ {. C, u% d9 p' [9 c
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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