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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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. s- X- \4 s* ~/ x, \"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.+ L+ n+ L1 K8 y! A; X4 g: L! q9 Y2 S
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Calgary to have Canada's fastest growing economy this year, Conference Board says n* [9 c: h* `" k+ Q
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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.0 n" l4 k9 |3 m$ z+ b
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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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$ H+ x G! `% n7 K"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." n. b' X2 i1 q3 o+ t
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7 N2 S/ E' [- u/ h+ y, h6 ?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.' o8 L2 S& I* y B9 O
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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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/ P/ s+ D4 F& n8 L6 @"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.4 K) s6 W) ~; Y9 N9 N! X
* _- U, y9 E# BOil price rises to 2-year high above $58 US on supply slowdown; s+ \( w' Q" {$ { G6 e7 D4 J
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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