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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." z: o6 ^9 U- q3 D& a) M% A$ v3 }+ s
; e/ B6 |. R7 c- I/ J7 I"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.7 _+ W/ B5 P6 [, z) t4 h
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Calgary to have Canada's fastest growing economy this year, Conference Board says' @' I2 j; f1 M( v* a6 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."& {3 X9 \% F1 k
; ^/ f w8 P5 ~5 ]( h( Y& Q# @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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5 T" j" m% z L$ E$ c" O; J"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."$ x9 i6 M' e: `# n
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The "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.9 f- c5 @8 f, c* _
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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.8 e7 I& U& C6 N
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Oil price rises to 2-year high above $58 US on supply slowdown [) i. Z0 U: I& D5 d6 Q: \
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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