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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.4 O* B0 s. E _5 k, s
& b& @, c( X; {$ O9 X( A"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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" t! ?1 Q1 M2 u+ Q1 }/ TCalgary to have Canada's fastest growing economy this year, Conference Board says' M5 h, L, |2 L# P4 T, w9 r
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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" b V6 f6 a; ~" G: Z% g' zThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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9 N% l9 Q4 l3 c4 n6 u"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", ^8 b4 q7 u' Y7 `$ ?0 y
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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.5 P. \+ r$ _8 c9 I
) E/ T, c/ g8 [" CIt 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./ A. h( i* }9 s/ j/ J7 @- r
) v: n9 z, O7 [2 P" k) Q* [# s6 _, C& @"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." Z, C! A+ A9 Z8 j; x6 S
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Oil price rises to 2-year high above $58 US on supply slowdown2 t3 w+ V; K* w$ z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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