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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.7 d2 J, i9 h7 c5 ?: N. h
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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.; J% q. H. @: `% i# v2 L& D$ S
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Calgary to have Canada's fastest growing economy this year, Conference Board says2 g) ~# T, @1 R0 H
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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0 K+ z" m; J, d/ I' D# JThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ ]+ S7 p/ l& D* }3 Z1 |! q2 ~1 `' t
6 ]4 E- x' g( L" R# `7 w2 c+ o"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 h# x. P$ Z \1 G
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."1 l( l! S3 s' x |* h9 A
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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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* s( e( V/ I P: kIt 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.4 z# |: A3 W6 g6 f, d
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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.' q7 d6 q# w1 ^& U, ~9 W# K
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Oil price rises to 2-year high above $58 US on supply slowdown
! S0 C; [8 c2 [8 ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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