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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." E, Y I6 o4 l9 X% P$ J( k
" g& a1 l" ]+ j! x& i"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
4 }7 v6 r/ h# V1 {) fThe 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."
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L& D' k2 Q. p D6 g# qThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.0 D2 g2 c7 w8 @4 p- _
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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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& x4 c. l0 d0 \& G2 G1 o"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' [# H' X# r3 ]
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' O/ \) _& w }' U, T& iThe "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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+ }* f2 E5 d& @; xIt 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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1 N4 T$ }1 o! j2 t; l# V& F"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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6 e: g% m* O7 _Oil price rises to 2-year high above $58 US on supply slowdown
+ c! n0 J1 d5 ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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