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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.4 ^7 L5 S& B, _: k1 u2 ~3 D M
+ P8 N% G8 W/ {& r1 D"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: f# v" Q- t7 {' f ?: \
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."" L5 X4 Q n* s5 ?
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.: K7 }: ~. V4 ?8 {# x+ d: ~0 d
# q8 y% M5 C7 @8 V"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. W2 ?8 ? j: m% Z! W# P, ~
5 V$ g$ Z" a* x3 e5 m; g"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 n( ~. E" L) h3 m
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; L4 d* m* i' {3 R- k& j1 {) d: fThe "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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8 R- i8 I/ f: IIt 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.1 a2 Y" d; u* H
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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
+ e" s# H0 ?: y8 d4 }Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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