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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.
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% p _* i, o" n7 r"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.. c7 l2 e) {3 B* f- i! ?# H
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Calgary to have Canada's fastest growing economy this year, Conference Board says
* R a6 \! q$ Z/ m8 E, T' s: NThe 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.! c. N9 Y' ^; @* ^4 ^9 P8 t
* F0 @- J ?* n4 Y5 X6 ?% m+ D) p& _+ O"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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." \* T$ c& d, V0 }
& e4 L/ ?" j# b6 I. _4 _6 GIt 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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"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., [8 \$ D+ H0 ?: i' D
" e/ I. J. b1 A4 V! U hOil price rises to 2-year high above $58 US on supply slowdown0 E. {" @! `3 I" P, z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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