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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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"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." g8 B8 p4 Q4 j$ H
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Calgary to have Canada's fastest growing economy this year, Conference Board says
& Z/ Z2 z1 _( m, }# y8 WThe 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."; J7 Y6 Y8 }& s' {: p. x8 B
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 _7 W. z* C: ~; F, B) X
' r! q+ H2 c# E+ Q; b"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., y6 b C4 j0 c; `' P, w
. Y5 z, G3 m1 ]"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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.8 i" f* g* @: p- }6 w
5 X6 e# R) ?6 j3 a& U8 k% KIt 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.; B0 H* u. u; E1 o
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Oil price rises to 2-year high above $58 US on supply slowdown
- l9 {* z( C* u! B* R: M! L& RCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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