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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.; V6 u8 @# y, N0 ]
" M4 M C1 b: B7 r"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.9 M% A( U, `5 C3 n! o) c' t
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Calgary to have Canada's fastest growing economy this year, Conference Board says
, Q& s+ Y% \% I3 \" j# `3 h. j: o+ TThe 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.", f! M3 }( ]/ s- S
! \- y& n* ~4 r# N- R qThe 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.8 [. w2 G9 J/ r; _: n8 T; X4 G
$ X. T( h. e7 }7 \"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.
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/ }. n& g2 p; |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.. r6 ^7 g K. w2 D! j/ F8 R
u5 y8 Z2 L/ D' X2 O, b"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.3 E# D N7 g( J2 F% z3 t: p
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Oil price rises to 2-year high above $58 US on supply slowdown
# m% z8 u: J, D1 N4 fCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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