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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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, s4 p& Z8 u7 w _6 ?* k"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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0 m$ L) {0 F3 F+ M9 q& W, Y! QCalgary to have Canada's fastest growing economy this year, Conference Board says- }( M% a: g n9 ?$ m [) D
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."/ T- Z q! v9 v3 c4 p* z
8 o" Z+ Q( v7 X& Q: F3 PThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 D! d+ ]& ?9 }7 ]3 c4 O
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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.6 }; \2 a/ }% c$ @; J
/ p0 m6 ]& F2 x"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." |9 f5 q; O/ x* S! [0 U' ~
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" U" [ |9 \7 r$ gThe "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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6 i( v$ {$ ^( C0 |9 QIt 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 $58 US on supply slowdown
6 j+ V$ y( P4 L" M3 zCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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