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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.5 E+ ]* [! W7 J3 U2 X
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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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9 q0 ]3 @7 z7 c* h8 e. O. U* wCalgary to have Canada's fastest growing economy this year, Conference Board says6 o* F+ k$ d/ [; j. d& D
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 J% y7 D7 N- Z: k! |
$ ?: s8 g8 P0 ?2 y, dThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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) u' y6 z* s3 V" {"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. W( T/ ^, _+ ?
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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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9 a5 x+ ]& B. {/ u6 ^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./ W5 f1 A4 g" h. X
- e3 q8 Q! J% d7 oIt 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.* e, d; m7 k: ^4 a' J# N, \! ~3 b
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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.8 ]6 e7 G' }: @2 m
, g3 P) G7 F. D4 TOil price rises to 2-year high above $58 US on supply slowdown) z$ y ]# C, e0 g1 n, x
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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