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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 G& {5 V; m4 N
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
7 G" b7 L* ~: n4 a/ ]/ ^/ ?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."& U; _ w' O7 l! g, B
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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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6 b: u; Y9 Q- p" O+ I$ n- A"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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" n/ ]: j# s3 c; O9 K: [2 E0 x0 k- C; I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."( I/ B8 `; ?0 z4 A0 h& j1 r! C
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9 H* x9 K$ H% X/ Y6 Z& J! fThe "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.7 A K6 g5 T* v9 b
/ G1 u* w2 s- S% ?+ }/ fIt 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.% k6 I+ N. B) D1 V7 ^0 q+ j6 N
# x) E, I+ j2 U 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.
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Oil price rises to 2-year high above $58 US on supply slowdown
9 `% L, w0 b6 x7 B: t) B- JCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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