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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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8 @( d( b$ f9 c# h- f: j: l# U"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; V- k' Q+ w4 ^) e
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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* Q( ^+ o) S/ W; k3 S6 I5 G' FThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 y9 E; U, [4 l9 y0 N$ D' F: i7 l0 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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."5 C. `7 F; x! k+ v% F8 k1 g* X
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9 Q2 F; H# y" t$ uThe "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.( @! S2 w. S! A6 C
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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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7 K" q4 V. P G9 x: D5 ^"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., C$ L6 i) J1 K+ T
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Oil price rises to 2-year high above $58 US on supply slowdown' b7 m' [; t- {8 m+ S$ S1 W
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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