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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.. H3 j9 }# B+ J6 ^# E! H- @2 b
% v5 B% ?. @, j' B"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.7 F1 L" N. |! Z
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Calgary to have Canada's fastest growing economy this year, Conference Board says
9 J5 S p* e' ^) d. kThe 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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; _# p# ]: H( x& k8 C"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."# S& C0 Q0 U( `/ F. D7 p, v- q
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$ w' N5 ]2 s# B# b$ |7 C0 {The "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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9 e1 H1 Q7 c ]# SIt 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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7 | R4 v6 ^% Z4 L- A"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 $58 US on supply slowdown; d- L3 Z$ j1 R
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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