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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.& w/ l1 q2 G( ?* g: d: l' P
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
& ?" X; F4 I% HThe 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."$ u6 j; q6 k6 ?; Z
% `/ M/ r0 E0 ^& y LThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 I4 u# k4 G% B6 q* ~
( k" U; X: i+ |"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.. b. H1 `; e1 L5 D. S
' H7 b; f" P9 [) ]4 l# @"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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6 G! Y& n6 ]$ Z: y( Q6 ]: 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.8 b" m/ z! b3 H+ Q+ D) i( J1 ^
: x/ _& v% d' tIt 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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9 l) }' `& g# |+ G' p"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.: P3 I/ P4 @0 a0 O5 o- U
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Oil price rises to 2-year high above $58 US on supply slowdown
* S; P* T( T. Q1 nCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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