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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.& H/ W- i* q- r4 b# h% P' p
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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 p6 E6 r! b. zCalgary to have Canada's fastest growing economy this year, Conference Board says
8 }- Y" `* }! m* [0 PThe 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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2 J6 p2 {0 S: ^"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.. v+ b' k: \1 s( j2 W) f& g5 S \
! O% a1 V) c6 E# d9 K" Q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."6 E8 a+ A% O2 Q: P* X
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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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/ M0 P {( }& d, m7 k1 v5 uIt 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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"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.$ F$ j" Y0 R x4 n, ~# N& p
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Oil price rises to 2-year high above $58 US on supply slowdown' k9 ]# S7 H; J
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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