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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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0 f# I P) X, i, W/ ~9 ?3 E: D"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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: x4 k& e v" i+ g5 m: ZCalgary to have Canada's fastest growing economy this year, Conference Board says3 g, g5 Y" F: [ v1 v: E
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."
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* H* n4 g1 g# s* r2 W; z% bThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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% _( M& B! Z& e K, p' n9 e/ R"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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& e, p9 W5 q& j+ {/ x"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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% o" ~# S% }. Q A* @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.2 ]7 x% D( z, v1 P
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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.% o; _: X* h' ^ x
+ M" I: v" Z, Z& g. d4 F"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.3 i3 p- s ^9 T/ R) g e4 }
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Oil price rises to 2-year high above $58 US on supply slowdown
, {" \" V P6 m8 R$ ?0 LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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