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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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8 z; {, A; D. y3 J3 u$ {- V* `"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.- L7 r# a+ c6 ^ ~5 y
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Calgary to have Canada's fastest growing economy this year, Conference Board says# {; L* `& ^7 x3 L
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."
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4 R3 X% n) V# S/ @1 ~The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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; y& d8 V8 e5 g4 x% o/ U"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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, y* @5 p) {! C( V2 i5 ]3 q1 H"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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! _1 r- ~6 O0 T* p) I) [, I# c9 uThe "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.
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4 u, ^, C; Y$ `: {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.! |& _/ b5 M! Q- J
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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.
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Oil price rises to 2-year high above $58 US on supply slowdown- H7 s8 W5 r9 ~
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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