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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.' L9 I4 w% R% _, r8 Q
- E/ Q: T2 [3 ]0 m! Q+ l, 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.
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( r: G6 o# c, u' cCalgary to have Canada's fastest growing economy this year, Conference Board says( J& o7 ~' G$ K, l
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."6 t* d# Q) Y2 ]- d( c; C
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.; X% {2 Z# d, d) ]2 @4 y& 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.
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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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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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4 a" Q) \& f& ?+ S7 I9 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.& N) j4 y( b- p4 K- E- V) Z5 j
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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.0 Z, L% A8 p$ G1 ]3 A
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Oil price rises to 2-year high above $58 US on supply slowdown3 N( H' I+ A( L% R' w+ B# v: t
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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