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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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3 i* R) K. `0 f* g6 V"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.: u1 l! } E8 c# \7 G G% A) r7 {: t9 a
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Calgary to have Canada's fastest growing economy this year, Conference Board says
8 ]) e/ ^7 E" Q& m( u3 _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.") F" G. v/ o! i2 O0 z& R5 ]
* {% T4 l! k5 R+ n. XThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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6 z$ ?3 F9 D( _+ u"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. Q1 {8 V* }, h
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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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" V' x( A% }8 oThe "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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* v4 Y- _5 z* H( h: f( mIt 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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# F3 y P/ g( p" |" @4 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.
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/ F8 _5 ~8 w, [" K1 QOil price rises to 2-year high above $58 US on supply slowdown
0 e# D3 j |2 _4 k0 t7 F3 |Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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