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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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( c% P! [. T% t2 i1 J6 a: ^6 T8 k"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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: W, a& ^/ A- l3 X7 MCalgary to have Canada's fastest growing economy this year, Conference Board says* V) e R' D- X# M9 W9 v
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 w: M/ V4 q6 p
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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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4 A6 { e9 o' n"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., M$ E) D+ N W8 r X1 T
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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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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.
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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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0 h8 o8 ^' h; i) I2 u/ r8 L% |" k"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.: H: G; Z) {1 F0 Y$ J [
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Oil price rises to 2-year high above $58 US on supply slowdown
/ L) h! }/ I$ q2 [8 pCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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