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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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. _# D, b% {0 c"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.7 r! o6 g h1 }# t$ l
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Calgary to have Canada's fastest growing economy this year, Conference Board says
* k" {+ Z8 O7 g4 a; X; nThe 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." `+ l4 S4 D3 y9 ^8 c. K' ?
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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.5 z7 w6 b" e: a K5 d
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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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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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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.- C+ [( C+ \5 z2 [5 J2 q/ h
& p& T# b# z/ j2 A"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.( N/ O- @2 k2 |4 l3 `
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Oil price rises to 2-year high above $58 US on supply slowdown
1 K' s& R' R3 Z0 GCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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