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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.( i8 H1 [+ {5 }) o7 O$ m0 z- W
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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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/ b- w' ^) {! Y; kCalgary to have Canada's fastest growing economy this year, Conference Board says
; s6 N7 q B& |' V/ d- aThe 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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( h3 F% O* p8 ]- g2 m/ F+ s"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.9 z! A( v4 H$ Z' J4 O# e8 Q
: Y2 t/ |1 ^$ Q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."( f. P% G. A, E) x
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5 F, a, [% U% ^7 T2 D eThe "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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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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3 S9 Z; `% Y5 P0 N" t"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
' R4 p2 S; b" k! d) _Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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