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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.$ B. n C/ L/ ~# ^
$ x7 q0 J5 h& R1 V1 H0 ["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.2 J, l! c }& c+ D! S
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Calgary to have Canada's fastest growing economy this year, Conference Board says
: o7 B Z' R9 i, ~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."/ n6 i) [) E- G( z! g. k7 z
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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 M8 \1 @- ^0 n" G) v7 O; AThe "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.
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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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+ Y: y$ e0 _+ H. N: J; e, L0 h"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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8 ?1 b E; I: l/ ~3 D% jOil price rises to 2-year high above $58 US on supply slowdown
\5 c: c8 _+ O ?; _& J B" J' @1 ZCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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