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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.0 Y: o. R" o) e! Y$ \# q8 t& ?1 q
0 T" Z2 J0 v9 k) t5 {- V2 r5 S& A"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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! U1 s+ d6 O- Y/ u& D: rCalgary to have Canada's fastest growing economy this year, Conference Board says V8 H' P& } ]" E
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.$ Q) q I$ T: l7 u4 u
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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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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1 X- d6 X& C/ \# f' ~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.3 C, Q6 f+ i" e$ d1 Y
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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. c) [" b/ C% u) x' k/ Q7 }$ P
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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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7 @$ w9 \! c/ B G. E- g( D; P+ OOil price rises to 2-year high above $58 US on supply slowdown( a( k2 }0 y8 X( a2 c X1 `, @
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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