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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.) m0 ]4 x. L7 R) W/ V
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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.1 ^+ }2 w0 [6 Q9 u$ m. w6 D8 P
. o5 V( r% c9 ^( C; O& ?* U4 r+ k& I* rCalgary to have Canada's fastest growing economy this year, Conference Board says
8 [5 f! G* Q l0 cThe 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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& x' }. D! {, l! C: b& y/ u7 mThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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: B1 i3 P v7 x2 x+ l"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& }, e5 W% X! a
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."; a' v: w8 `! Y5 H z5 ~: O. f
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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.) X' p$ C; }% \( {5 d2 R) h$ \9 @
5 T7 a+ H, F4 rIt 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.. ?8 o! ]' \' D
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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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Oil price rises to 2-year high above $58 US on supply slowdown
$ X5 q- }( ~ q H3 v* s# J# [Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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