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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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% ~" _( `( }# t5 q. P! R" B. D* u"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., C8 h' \ I. I* v6 y9 a6 N6 v' R
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Calgary to have Canada's fastest growing economy this year, Conference Board says
$ G; F/ u1 P7 G+ 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."& L3 } C2 W% P B* G' g/ U) v, c
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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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/ c" c5 M6 o8 z' B- p/ w- \"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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1 p4 n- f0 ^9 _. h1 Z& d1 z6 u. ?: 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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; U) d9 o" [, K# m: _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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; M$ s" d0 z, G5 o. U4 U: AIt 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.( A0 T5 ?# Z5 a# h& r4 x3 h& A
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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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5 Y: e' m5 e: d V% U0 cOil price rises to 2-year high above $58 US on supply slowdown
7 F6 V+ S+ I; o9 U1 X+ QCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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