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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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- L& ~6 Y$ O. D"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.% D3 p. i' r( p4 B9 `! @
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Calgary to have Canada's fastest growing economy this year, Conference Board says
9 X `( m) l8 u! i kThe 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.* w0 j9 f! K/ [6 ^
7 }) L8 T" _7 a# I7 s3 m"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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( d1 d! b* F% P1 K7 }' b, C"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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The "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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, U5 M' J w! oIt 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.* s3 D# K% B0 `4 w; v
8 r4 a1 ?" `( l$ o kOil price rises to 2-year high above $58 US on supply slowdown
3 P c. r8 U2 s6 W0 x; b. ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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