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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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$ e8 b* o; o8 L. Y* N: O"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
2 d: R, h2 n) N* oThe 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."4 _; V( G+ l. e9 G3 R
0 o3 V: X% J( g7 rThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.# t& k2 z) `5 b
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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.# q. m: \" i* z& X
k ~- G! \- K" ?"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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2 s A+ a- b8 x6 GIt 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.8 z! c+ _# E5 Z, H$ ?) o2 k# v$ ]
* k `2 }' z: [3 ?5 b, X, ?+ lOil price rises to 2-year high above $58 US on supply slowdown
, q8 t$ h3 l1 U/ `Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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