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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.' B: S! \- ^, X2 T# m# y% M
- W/ @. N) P& y; G4 o"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$ x+ }' F5 D6 M/ @9 g g# E! |, s
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."7 I1 \4 J- n+ V9 \3 Z
# j6 U5 y) X& ^5 dThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 {; s) ^ p% e+ g% t4 h
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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."7 z: C" G6 B% e0 ^1 f
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0 b3 H% i9 \8 M2 SThe "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., l& c2 p; a8 t$ _' e
5 W; V* V1 {7 B5 X$ d F7 ~It 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.* M f% ]3 k/ a2 E
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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.) y- `9 P/ ]8 s. E8 ?
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Oil price rises to 2-year high above $58 US on supply slowdown
8 T- v7 M4 d+ R) j* @7 G2 XCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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