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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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5 h0 f# j' M* I% G# 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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Calgary to have Canada's fastest growing economy this year, Conference Board says
) f& t# T' N: s5 j; _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."" Y9 [9 J6 f7 W# s' ]
/ R. U% W. a# B9 c4 q: vThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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1 }- ]* ]4 E! [) e# Y7 ]. r"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." }& C, ?3 Q* s2 m0 I
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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.3 d& F, O! q: M
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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.% z1 o, d8 S- i! m0 i/ r# V
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Oil price rises to 2-year high above $58 US on supply slowdown
# B' q# E2 Z+ K6 j$ OCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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