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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.1 F. p m) X! E6 b
4 h! Q4 ]9 B0 z) f" V"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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1 T' ^7 M) c5 [7 H! GCalgary to have Canada's fastest growing economy this year, Conference Board says% P$ N+ \" B6 X" k2 _3 O+ C8 V
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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.: B. n* ` K6 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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' V: d* R5 Z7 ~, s* K$ o- _4 \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. _* R. } j5 l7 f9 O
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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." Y9 W7 M* q: I" ?
9 }7 p2 E4 _! g8 J- T"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.) U5 ^9 e6 E0 p' Z, X0 I
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Oil price rises to 2-year high above $58 US on supply slowdown
1 q6 O, R$ R0 ^$ S7 \8 K* I7 bCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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