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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.8 v" x% t/ X- g( {- w- A) l9 A
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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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% t4 t9 }+ N# o' s9 ~7 xCalgary to have Canada's fastest growing economy this year, Conference Board says, J2 V7 O: S, X
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."9 E/ X5 \, W# D0 Q5 C! h; Z# ]
! H, G( H; n# ]0 {: N5 M$ ~0 Y& lThe 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.6 p/ S; M# z3 Z8 Q- M
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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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) a6 u2 T9 A* y: ]: OIt 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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1 m1 q; E! u! y8 \5 w% P* ^8 I, R1 O"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 slowdown8 i! y/ @1 x4 F5 b0 ~6 S: ~, Y5 L% p
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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