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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." C7 K+ H n8 q* O5 z
- K$ X. W& @) r& [1 F6 k) v"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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9 g# Q4 k6 s0 B) i2 T. nCalgary to have Canada's fastest growing economy this year, Conference Board says' E9 y# M7 I; v) }2 f6 {
The 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."8 X# @9 |1 d/ }- l
. {6 o/ c7 M: |The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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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% e2 K. u/ J y2 y$ B: b, q7 h"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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7 W$ [5 r* j5 k7 |7 {1 s5 {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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+ g8 L' r3 b" b- KIt 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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5 K: _9 G: O8 m$ p/ L"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
' @+ F! l1 i/ ^Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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