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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.+ R) F5 O! u( S0 `: R
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
& i( u! p, T3 Y/ b, Z5 hThe 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."1 _! s, v- V9 }2 ^( z/ Y! l
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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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2 W1 }& V l( h P1 g"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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+ g) q9 k& d4 w3 s( `' S3 |"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."7 A! v: s+ Y7 u" ?4 w
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8 q3 y3 S) i" X6 t2 CThe "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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0 w7 r2 b1 m5 R( Z6 J" ?5 fIt 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.6 x/ o+ w! u3 ~6 |5 q' G- x* {
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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.
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Oil price rises to 2-year high above $58 US on supply slowdown
# Y& U/ a" I i9 \0 T5 ICalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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