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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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"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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+ I9 ` b2 x. @. G @( {! _/ [; OCalgary to have Canada's fastest growing economy this year, Conference Board says
1 V! u# Z" j! s2 \; t! B, xThe 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."$ ]# W6 p! \5 `, X e; _8 v$ e
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.# d. f% s- y! \ R" D1 h
' z2 q- n' n8 n. F: U+ B# @! c# Z"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.+ v& U0 L* S9 w6 C) x( x' T) F
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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, b8 _9 }4 c9 YThe "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.4 | d9 w- Z$ u% o# B0 C9 S, B: w% v
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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.7 a: _3 l0 L9 R" i3 i* `
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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.7 K% O) ~5 q' V: d: |
9 I% ?1 |0 m' j' Z+ H9 N# s cOil price rises to 2-year high above $58 US on supply slowdown( W; H& R0 s8 t, A3 H
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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