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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." _' `, q$ ^6 A* @
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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.7 ~9 l7 `0 q! n9 m9 m
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Calgary to have Canada's fastest growing economy this year, Conference Board says
7 G: F% y3 T6 |& y7 m- YThe 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."* X B+ X5 |( R. v& b
3 b" j r( T! N/ JThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.5 o0 `; J W$ `1 v
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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.1 @6 Z h- U5 t+ s6 V. ?
3 N( b2 y1 u5 p( S" d% F9 t"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.' [* x5 D# X: x0 x
. w9 o1 P0 Y* u# TIt 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.7 k, n$ A/ e, S6 `
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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! Q7 h, _- j5 T7 h1 r8 a+ C
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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