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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.- A6 u! ]) [' f P* k f
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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.. P k( P, N: d# b8 D! p
% b0 N/ n4 a0 L- ?, z+ {( PCalgary to have Canada's fastest growing economy this year, Conference Board says
" \4 B1 R: F. I; b* HThe 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.
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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.3 z- {3 s* ]; R" f3 F* {; w$ O
0 _. N% R: `* 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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X8 V, O% ^" W6 `& tThe "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.. ^- J# [/ C) [, d% Y
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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.4 l; g- u1 z4 |* d( j* b4 c
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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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M: G5 O' A: g) g5 P2 ?Oil price rises to 2-year high above $58 US on supply slowdown
6 @) V ?% h3 g1 P; f5 K" Z& KCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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