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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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9 _3 w# |0 i6 X) B% A, iCalgary to have Canada's fastest growing economy this year, Conference Board says
6 n' b7 P7 S v0 LThe 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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8 q0 s K- m0 x5 n2 D ^8 bThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( H% |0 l5 I; D' K, g8 @
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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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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, K* t1 z# P- `7 p- ^- WThe "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.$ o& {* P4 l4 Z" u
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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.
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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.
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7 }8 \ v1 K' B; Q- aOil price rises to 2-year high above $58 US on supply slowdown
/ z. l* i' p2 N% q* H( x* T/ o2 T" \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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