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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.3 d' t: K8 l) y
* M) S) [' [4 c+ }"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
' ]' K. Q: ^; @( gThe 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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" U# G. h) `8 i* ~9 z$ j0 R3 i- dThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 V+ ^& f7 v# h# q$ E
& ?1 J& s* @2 y+ x6 N7 w. ?"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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& T3 k7 ^ |- K8 [; ]$ i5 k4 l"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."( w9 x+ x0 V( F9 D1 f
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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.* Q- R; F! H3 }
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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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! b/ R/ x) Q- y/ M/ K% n5 Y8 \"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. D _% N M: ?3 \
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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