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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.8 Y6 P9 m! S& X5 ?! D$ D
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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.& [% M# I. ^0 f* |/ a
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Calgary to have Canada's fastest growing economy this year, Conference Board says
$ s" }9 c0 O# c2 k. ]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."" X0 M+ ~. c$ _( E1 u9 z. c
3 g& ]. ^) j4 s3 b4 vThe 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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- Y" S+ b" k/ ?! z2 f k$ x"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."/ z) i7 V7 T- x Q! J+ A
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' K' M1 l6 h/ Z# }, {! UThe "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." A1 }3 ~1 e% P3 D }
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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.
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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.0 L; c4 P* o, R$ o$ c, }& s$ x
: q' B8 A( ^' Q" |2 M' h, ROil price rises to 2-year high above $58 US on supply slowdown2 o: D3 I/ `" w3 D7 D$ E i
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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