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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.0 K3 Y, Y/ g8 ^8 f9 Z6 t, O' s" X8 l
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says( n" D9 h/ p, j* V7 H s! H
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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0 Q" q! U1 q7 RThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.6 L4 I. P. Z! i8 b, a
1 i2 f/ _; x. W# ]9 {3 o, R0 E5 ^"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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! I# ^0 m+ F6 R8 V" V& I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.") w- k* d; H ]
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3 M/ `2 z& q" t9 T: Q. EThe "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.+ @, {9 W. O( L
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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.5 n2 V+ L* e3 z2 n) M6 K
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Oil price rises to 2-year high above $58 US on supply slowdown
' u: O$ t" b& o8 yCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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