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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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) }1 Z4 x' U; [- O/ B"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; Y: \6 ]1 S1 r+ y7 `( U
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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.; T x7 n9 k, `9 ?+ O" U# C, ]
( [# J" E* {3 q6 k"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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2 k5 m8 S* B' _& a5 x, qThe "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.# t- N9 w5 p) K
( E8 _9 h+ m- D+ J* N1 |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.4 K# e; r* X5 W$ Q( O
9 e6 q( ?* [8 i; S2 N4 S8 _ z"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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Oil price rises to 2-year high above $58 US on supply slowdown
3 X' I$ g) r5 @4 m4 e$ q8 q, g! PCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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