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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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! V5 j4 S; a& x) m* J4 z9 l2 \"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 says, H2 b. P7 h6 \! `9 \
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."5 P) f5 j# D1 c! B( h' M+ m* n
( Q) l0 r7 a. X: T' }* N! EThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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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0 c7 a% R t. o5 m3 d4 e0 O"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."0 I! u! v+ ~' [1 @
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% n( x$ O$ c1 m. b: s7 RThe "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. [! h4 p B* o5 ~7 y3 S
$ d2 B; R4 V; s2 [' I3 Z2 ~. B* oIt 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.
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Oil price rises to 2-year high above $58 US on supply slowdown
, o/ O: G/ O$ y* T) N, lCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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