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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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/ k7 G: P3 T+ U0 }! r! ?"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.) A3 a) o3 R* _; T- F
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Calgary to have Canada's fastest growing economy this year, Conference Board says
- O; y. z6 n9 a4 ~* Z4 w, e4 GThe 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.") q+ J7 S, @9 {$ [
1 F6 V$ k; ?: Z3 Y+ x; dThe 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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& m: y: V! ]( }1 a
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7 y/ s/ y- S; t# F9 O* N1 p6 w7 X5 ZThe "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.
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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.
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Oil price rises to 2-year high above $58 US on supply slowdown
+ ~* [) ?5 d: {% S' sCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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