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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.( x9 U8 `& }' ]7 q T& p! G
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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.4 D7 |$ S/ ]2 S, D0 @7 n: [( T+ L# a% h
( f5 X a3 i, ~6 r' oCalgary to have Canada's fastest growing economy this year, Conference Board says1 \, \& Q' t2 q. `8 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."
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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.1 b2 N. }. u4 r/ ?8 G
X+ o# ?* X" d4 e" g- Z"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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& e# i: n9 e# P- m KThe "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.& T0 O1 v8 T% Z3 r C9 H0 D
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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.
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; v; d1 Y4 A% ]! _7 X* a: N"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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Oil price rises to 2-year high above $58 US on supply slowdown
0 x9 p$ C2 D6 KCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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