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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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4 W2 m$ |6 M2 ^4 t1 v, n( q"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.% A5 c6 Q0 [! [4 j
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Calgary to have Canada's fastest growing economy this year, Conference Board says4 H: }1 J5 F W+ l8 {
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."$ k3 L: ?: y6 X# V
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.' n% ?; D( s x# p2 F
; D) e9 E% l) A: \, T o, k"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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8 B& T( u4 J+ o/ l2 Q$ U"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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." i% O3 |* b- v/ h
& K) F2 Q3 C: i: hIt 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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1 M5 m: k2 f" |"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.& t% `$ _( |& r" y' {6 E
. C$ ]1 k+ K; @% w* e9 F9 FOil price rises to 2-year high above $58 US on supply slowdown0 E7 w5 o; N J3 ?7 V
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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