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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.6 X' A& F" O6 \, u
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says& m1 w- Z, _; q( [- |0 [
The 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."1 U5 T& B2 @, O$ n; g [4 m8 T
- \8 K6 ?; Q, G7 B' N/ h* |1 WThe 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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 B$ ` `5 x" G& E; P( w0 p) b
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2 O; K8 Y* M- x+ C: bThe "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 s' R% U7 x$ l; V, ~% b! `- ?
+ r' n" k5 \! E5 R- s2 e# 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.
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/ h8 ~2 G M; l8 m' L2 |"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, l9 w3 G7 V- \+ H% f7 I2 G8 Y
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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