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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.! l3 [6 W8 J( n8 b& K: \) n1 U
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Calgary to have Canada's fastest growing economy this year, Conference Board says
: f* |/ e" ?) E0 S k5 e7 aThe 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."* ?# Z" F S4 V S* M+ A, U
8 x( ], \3 x3 P1 D& P2 e% s( UThe 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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0 w3 B/ [5 t; x+ ?( C"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."9 m' V2 Z8 c/ F8 x
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9 z. I& N7 I6 |$ ?4 {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.' I; ~; }, C) L
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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.! P* L) b" N% x
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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
( L: Z1 r4 ?9 N9 D# B, G. {( SCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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