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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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"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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! N( I+ A: d) E* vCalgary to have Canada's fastest growing economy this year, Conference Board says, J" u A2 g7 s6 G+ \2 S4 @: q
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.") `+ X! M5 R" Z! w' W6 R
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( q7 }! T9 Q) 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.6 W2 h1 z& P2 Y& T1 \7 _) X9 ?
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& _" V* i" b( w: ]; e
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: Y7 h7 r9 _2 R" d# _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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5 O3 M; z7 r/ F, {/ p( oIt 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.# n6 a' J; W2 ^8 y4 a6 P3 h4 g/ Q
8 E% n& w1 N/ c/ H4 GOil price rises to 2-year high above $58 US on supply slowdown
( C$ T1 E g' h- w0 t) B1 ACalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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