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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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6 {6 W. e0 P, F2 P, v- S"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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: B* M7 Q9 e* ~1 Y- B% R- U3 Q1 ^Calgary to have Canada's fastest growing economy this year, Conference Board says
# H* O5 m6 g. ?; e0 Q' G$ HThe 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."8 L' Z, [7 k/ X! O/ F$ N
1 u$ Q1 U4 D ^$ F; VThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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+ i+ t. G" ?+ K$ E/ W"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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, j$ _- Y( H4 h; n" a" wIt 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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8 w8 r5 f2 c$ z, J$ A: oOil price rises to 2-year high above $58 US on supply slowdown
% Y& n* U" z$ j4 ^/ }0 {+ FCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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