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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.7 K3 {, \: G: U) {/ s k- @( ?# o
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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; S( M- C8 K/ D7 \
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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# k4 M' g( L+ V. v: v9 Q2 L8 hThe 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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7 x4 Y1 k) }$ u. l b6 C"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."8 @, m" n3 m; z5 n M" }1 y
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, X5 `$ N7 M0 Q4 U! bThe "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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/ X9 j! |/ k. {& n6 H* H"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% {; c3 M6 J8 x# ?
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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