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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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: M& Q2 U% [9 M6 zCalgary to have Canada's fastest growing economy this year, Conference Board says2 |8 C8 H/ c6 h/ Y2 b1 ~, A' i
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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. L* G+ t) u Q4 _The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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4 p/ E. x. b* \1 e"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.8 O) Z& d- h7 m+ f8 q
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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, f! _8 j( m7 O$ W( i; 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.0 Q, r$ I, ?5 Q. C1 ~+ v
* _& N6 V) Y6 T2 I% y; l8 fIt 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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* F! t7 a$ I. h7 q! V* Y8 ~"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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) }, D% R1 x% ~! b6 ^Oil price rises to 2-year high above $58 US on supply slowdown
/ r# \0 r x) G$ ]) PCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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