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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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3 F/ {' u: p9 K1 Z: m9 _1 V. L"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./ O4 f0 U/ Y" V6 t' g
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Calgary to have Canada's fastest growing economy this year, Conference Board says
; h$ W# R& G/ Y1 tThe 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.
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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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0 }8 v$ N0 T& l9 q* [2 o; I! m' LThe "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.* D) Z# ?4 g$ a8 d3 a' K* `% m0 T
6 A: Q# k0 X& k: B0 m+ t) qIt 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.
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Oil price rises to 2-year high above $58 US on supply slowdown$ c6 C" m( {1 G7 z$ Y3 b
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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