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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.* o: R/ M' _! T, e& S
& o: n" A' a, D S: r _; ^5 q8 f- h"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.4 l. f: F9 s# `0 I% X0 y& u
" E6 U, u1 k# ]( s# zCalgary to have Canada's fastest growing economy this year, Conference Board says
- K& N9 j5 v& C2 H. u4 h& LThe 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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6 s; t2 O; i$ b5 { B" nThe 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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6 \* {2 @5 K, R"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! v- F1 y3 p/ x% U
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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.' f K% \0 z# L, e2 \2 {0 h' b
" `# }. C$ P( B$ v9 \0 M; wIt 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.: \# N2 L3 A9 f7 n( U6 A" _
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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." o- O. u, G9 y% A0 `$ N
" c$ [+ ?0 d$ ~- i% h6 `) V* k9 hOil price rises to 2-year high above $58 US on supply slowdown
& [4 m* w: R( [; N5 B. DCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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