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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.% J; q) U/ t+ d; L* W& Q, n3 y
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
6 w% k1 C5 P5 rThe 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."3 { N5 l2 s7 v; }( E% \4 D/ x
1 l2 x# X% b7 G! x' kThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( G P- z( J2 u7 g& k- f, p L
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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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." h5 ~0 \1 S' q" ^
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1 Q6 G; S$ W9 KThe "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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U; T3 u2 U, ?& { cIt 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.* d' ?+ C6 {; \# w; K) L
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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." b; q/ R' Q2 v3 {* ^7 i
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Oil price rises to 2-year high above $58 US on supply slowdown
- j, f3 Y9 J( x p1 {Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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