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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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: l& }, M, q. \3 P' @8 q" @"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.# o4 } V3 q( U) u2 J
- x0 ?, Y& o* ?% p& i' }$ v+ {! @* VCalgary to have Canada's fastest growing economy this year, Conference Board says
# m1 a' U& |8 F+ i) I/ v2 ?+ lThe 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." b" j8 ]- P7 s; U7 t& |% j
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"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.2 D2 M1 i+ Z9 Q8 A5 R. U. P
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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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* i v: r! Q$ f5 v5 OIt 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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; o& [* t! L0 @"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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+ m) U X- h6 [! z+ Z% iOil price rises to 2-year high above $58 US on supply slowdown
% K4 \. {2 v- J& T: p3 K9 M( l: NCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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