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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.
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4 W S& p" N' o, WCalgary to have Canada's fastest growing economy this year, Conference Board says
! g( R' }* Z. Q/ K* g9 Q6 YThe 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."5 Q8 S. e d3 ]* O# k
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The 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. L, e* a/ Z7 O9 z
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' E2 T8 k# J/ ~2 B/ x# i" [
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j9 `9 X x$ | O+ DThe "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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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.$ _5 R1 d" ?$ B5 [8 Q9 O; F6 L1 v! |6 a
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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.) e8 z* @9 p* Z' D6 J6 ?7 n
7 B/ \1 d2 l/ WOil price rises to 2-year high above $58 US on supply slowdown
. |/ @; F5 N( k$ mCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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