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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.$ u5 N: i, B6 l) f! m* ]8 F) f
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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.5 y3 [5 V+ z6 H* m/ {
( j# l) f9 A$ @, U# b' B8 f' {Calgary to have Canada's fastest growing economy this year, Conference Board says; G* ~: G; k9 ` ^
The 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."% \5 O* L: Q( w/ { f" Q
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.6 @$ T' X6 r! w( L$ r* j
* u; ]5 J8 V, Q+ x"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" B5 d3 ` z$ \8 M: E& R
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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: x, l# v* v* I( W# ]; G
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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 y0 q4 R1 k+ q6 a% u( Y
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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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6 A5 N ?2 O5 k* Q1 MOil price rises to 2-year high above $58 US on supply slowdown
- Y7 T) ?! `$ d, ?9 M& }! E" tCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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