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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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, I6 R4 h' \/ P& |6 T( n- r4 U"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.% I6 C2 \; B* o/ b8 j1 `# \
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Calgary to have Canada's fastest growing economy this year, Conference Board says
( u. s! r4 D; v1 ]! _$ O1 N5 BThe 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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/ `9 J5 b9 f, T7 w; ~1 cThe 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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3 T/ y1 S! t' _+ y7 P# W"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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! c2 v `' W* F9 H% f& AThe "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.5 T$ m( w4 y# X" P9 Z9 q2 [
- I" a8 C( `$ eIt 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.& v: f/ I# V- p0 p8 n1 @
7 J) w$ H; b0 E, [+ M& C5 I"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.& O+ Q" Z5 B3 K7 Q
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Oil price rises to 2-year high above $58 US on supply slowdown
7 U6 ]2 H8 J$ c3 v/ H) u! I6 aCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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