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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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3 Q2 c3 a6 i% c# z3 x"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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) k. k( L2 a3 |5 M0 ACalgary to have Canada's fastest growing economy this year, Conference Board says
% Q) m- M# F; l6 Y8 |# EThe 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 ]4 k& v1 `4 e3 Y3 I: T
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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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4 j' h& T; j0 X5 K"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.": H* V' I' x2 n1 U3 g
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' _3 o% w9 n3 i) fThe "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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, [+ [- H) g* f+ I( U# VIt 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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" g- ~$ A9 Y$ V- p H# C2 ~, Y/ }Oil price rises to 2-year high above $58 US on supply slowdown
G- C/ `1 f9 J% H) \ A* T" rCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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