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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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) q( g( s7 `% ~3 x. T7 O) D"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.: W U/ h' S) S* E6 f
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Calgary to have Canada's fastest growing economy this year, Conference Board says
+ l5 b# K4 |5 T9 j4 l7 ?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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0 _# G; a6 g- A) I5 [; p# x; oThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& P; p5 O+ H+ L3 e
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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.# i- r3 }( v I& h6 A
+ D) F: i$ P5 Y"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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' D- S! N3 n4 _9 L. |# [6 e. {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.
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/ Q+ [' O: } n: Z" J5 KIt 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.: r$ t+ Y; C) d* M E/ v3 \
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Oil price rises to 2-year high above $58 US on supply slowdown5 T! j7 l2 Y0 l8 @, g
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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