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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." }8 e9 K1 X Y6 W
4 Y5 p+ ? {# c Q' Y0 K"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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* M1 N5 x# u! R9 \6 qCalgary to have Canada's fastest growing economy this year, Conference Board says
; ^& s, `2 g$ _9 j+ b" MThe 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.". \: H- r/ f5 m3 P
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.! S$ b! o' }) K, a* E
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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.4 N) Q$ @) A0 X3 v" g
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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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8 ]% @6 ^' Z* U! 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.. Q- q2 Y" K" g4 _ N, _
* V" L8 _2 ]: o* X) JIt 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.: v- Y3 v7 a( G( l' j4 }/ t
0 x2 b/ R. _' a"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.6 d7 E* A7 d. P% x8 _" m# z
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Oil price rises to 2-year high above $58 US on supply slowdown
5 C+ m9 C8 A( e5 A1 hCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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