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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.+ T( J' T( W; G! _& B: p+ Y$ a2 @
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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.; u& `" J6 h& `1 x9 e( i
. {& P& z/ h8 v8 i) J7 qCalgary to have Canada's fastest growing economy this year, Conference Board says+ z* E- D) @2 ^
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."
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6 {5 c* T: K3 J" J9 ]The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that." R! e+ v% ^. w+ K4 c4 O& T
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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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u/ y5 j) b! ]; U! b7 `. d, q/ F"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."8 t8 Q" `1 z9 r3 t9 S
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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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- O W" E9 o: g& CIt 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.7 e; S& I. l$ h" r. l% 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.
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; D, F6 Z) e0 \3 J I) zOil price rises to 2-year high above $58 US on supply slowdown
9 v: S, _: A$ g1 p4 jCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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