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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." | G) c! U* T
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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.: v1 f0 b' T8 Z" m n
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Calgary to have Canada's fastest growing economy this year, Conference Board says
2 [! d/ _4 B+ \! Y; NThe 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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8 U! F/ {" r8 x% [The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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2 g: w- ?: k( N: K* l' J y7 M* Y"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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: ~. n9 t. s% E6 z" I' B& |" h6 ^"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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, X C4 ?. P% D$ yThe "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.5 O8 P- r, Z5 ]+ {3 F- c: D
* Y' s8 \! M* c& mIt 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.9 V+ `: ~8 K6 ~4 Y4 O8 n3 ^' Z! h- |
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Oil price rises to 2-year high above $58 US on supply slowdown8 [# l6 D @) p1 G* x
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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