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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./ k2 u/ M- B4 v$ }# }- O
, x2 r% a$ {0 v' U$ I9 d"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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f$ j+ a6 Q u8 ]2 Z% |Calgary to have Canada's fastest growing economy this year, Conference Board says
4 R- E+ b1 u+ `- \1 FThe 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.
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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.! F) {8 c5 u( l( e
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." J7 U% v9 Z7 B* i, |! X
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& w& V$ G4 A, z! O, A: I2 F0 P* n1 yThe "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.$ G5 l5 N6 q3 t2 ?- T
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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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$ n, e; Y3 C- Z- z" Z# S. l"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. y3 U6 l! Q& d+ ]
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Oil price rises to 2-year high above $58 US on supply slowdown
: j& K! Z; B9 C8 o1 O+ K" _Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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