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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.$ X6 i( O; ~' f9 v8 R% X* C
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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 says7 [8 L7 J0 C; G2 D* X& m
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."$ d$ h0 {/ o9 c) S6 N0 c
8 i1 Z1 p: \$ vThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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) h7 @0 z! m1 F. n) p* G& ] u t6 A"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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0 M/ ?1 n. ]1 X7 S" f! ^% H& [$ `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.7 C! c2 ]0 a( h( {3 J
! K) M- t3 i, B! s1 \9 {6 ?$ N/ gIt 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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8 S7 R$ J1 b# R/ u0 B4 D"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.- U t4 T2 o3 |* H
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Oil price rises to 2-year high above $58 US on supply slowdown( E3 w7 i8 m3 g6 k" s1 M
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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