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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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! k7 _ ^9 u2 q1 a"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
4 J+ n1 B& W/ O7 zThe 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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, S$ s4 T2 d( I) S& @The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.' [! J6 y9 a" ]! V( f/ `
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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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' l2 [: [, q" {8 @# ?! Q1 q9 g"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.7 |1 x! A5 r0 s: D2 j. h+ r
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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.
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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.* v0 _+ q8 `; W# }
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Oil price rises to 2-year high above $58 US on supply slowdown
6 Z- z6 b( q4 G2 Y6 c$ \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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