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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.9 U1 u* F0 e) k7 g! u" P8 B
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"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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$ O, s" l2 i/ ?& x4 a; _% ^. `+ t3 WCalgary to have Canada's fastest growing economy this year, Conference Board says
1 J% S% ]0 B3 K- b0 D( {3 {2 bThe 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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1 L) U# _7 O6 DThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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8 m, }, f% F: O7 w- P% R# o' Q3 m"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."
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% Q: ]# Q3 F d/ u1 M7 ZThe "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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3 a- R6 H) Q' k' a, {, w9 UIt 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.0 \0 ^# c- W F
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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.
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Oil price rises to 2-year high above $58 US on supply slowdown
$ i3 v; y+ g! k4 ~7 W: XCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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