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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.) p2 B6 ^6 u" N
9 K/ G3 @6 }- C. G- U# w: a"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. r/ z" h# O3 `$ r8 P5 _9 a
* ]( {4 b. \/ F' v: G3 YCalgary to have Canada's fastest growing economy this year, Conference Board says6 h8 b7 e* B" ^( F
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."( \8 Q# ~5 v0 |# x k
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.$ z3 d( j: V; B" o- H7 Z
6 z: g- W: [; K9 j% s+ A2 h- O"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."& A3 K0 }4 [1 M8 z' S2 y$ g
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" t" D& @. b/ Z5 jThe "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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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./ r9 P! O" Y& c5 t3 J. U
& o% |# W& l2 s/ j"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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" Y8 |4 b+ p$ COil price rises to 2-year high above $58 US on supply slowdown6 e% C+ Y: O- n) A% n o
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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