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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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"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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0 k: ~- {. W( N) X; K. i9 I/ h t, JCalgary to have Canada's fastest growing economy this year, Conference Board says
5 K) r. h9 V' w3 x2 e- KThe 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.
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$ N5 g, m2 F1 V7 Q3 H; H! P$ A3 D"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.1 ?1 [+ G0 u1 Z! ^. d, ?
' C# [) H1 m+ v1 s s$ Z1 k"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* P$ f1 W( m- e8 l9 }6 {
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2 R- Q" [4 h& n, e/ ?% Q+ t3 RThe "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.- }$ I) R2 |, U+ S% g8 [4 @
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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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$ n; L7 t* R9 i" _9 [$ ^3 ?0 n"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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( `. H" w4 {. w% U: `2 U7 wOil price rises to 2-year high above $58 US on supply slowdown
1 p4 h+ b& O7 R: ]! tCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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