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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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"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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6 P( I- b2 x1 m/ X* a$ A) q. wCalgary to have Canada's fastest growing economy this year, Conference Board says
) [2 \. `! n# @1 jThe 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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8 {& b/ V/ v3 qThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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- k' n7 [5 |, s3 S+ S"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.! N% P# \% |7 y
$ Y* F1 ~: `. ?: T- f8 ]5 p"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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4 ^2 X2 I e9 D8 P) o% VThe "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.8 Y; M3 G+ M9 e# l8 a8 V2 M" a
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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.2 @0 o& U5 W$ g+ P# x
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Oil price rises to 2-year high above $58 US on supply slowdown
- N6 @7 N2 @+ a$ BCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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