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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.' h5 Y" [/ V* n2 `, F
' e n' Y, _2 P0 I! y2 M4 i3 P"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 o( i2 t0 l. |0 {, {6 ]0 }
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Calgary to have Canada's fastest growing economy this year, Conference Board says: Z) [! y$ b6 @2 Y0 q/ w
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.": d4 L+ c/ L# z- O
; q/ [& P" l0 _+ g: K% fThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 [5 s& W- F; r. P- G }7 Y! o
- r. O% k7 o) F! _"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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. ^0 {: f, G; o+ ]) b5 ^"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."3 R8 z$ H4 M# t; {$ h" n/ w
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7 s# n0 a: R; g' gThe "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 Q( Q& L' `, _+ L5 c( V
; ~; l- N' E* X1 \9 \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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7 D1 G) B: H8 S m% A5 Y"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.
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! A; l7 \9 G3 }5 ~' sOil price rises to 2-year high above $58 US on supply slowdown
8 R6 q% q. a" Y$ i+ j2 d0 y9 iCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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