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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." ]" L3 _ E( ^$ R$ m' J# q7 U+ F) o
" z1 t8 T9 X/ I. _# t"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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: U( k7 X4 V% m' Y9 x9 N2 m9 `Calgary to have Canada's fastest growing economy this year, Conference Board says. ^/ L* N' q+ F7 f0 K/ ?
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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.! A# b6 i. H/ O. Q3 l* l
+ }( D, t. P u5 G+ B3 y"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."7 s6 U6 J9 e& m8 ?2 A
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6 `4 S: j0 n' E: k( ], Q. | DThe "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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"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.3 k% y* ~: x; d& T% e, J% e/ P' ?& X
7 e8 }0 s1 m: O/ @% U8 a. E# _# tOil price rises to 2-year high above $58 US on supply slowdown
: @" t( ~+ d- jCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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