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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.8 m, K& k8 }/ L
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Calgary to have Canada's fastest growing economy this year, Conference Board says
' s9 [7 t- Q# X. W5 |# oThe 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."4 U* {% ~0 U1 m( I
, o3 [+ M7 |2 Q4 U" UThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that." K7 G4 V, h* M i
9 T, @) v1 r y1 l8 _"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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. p( \) ^; u7 L/ ?"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." _! w5 @0 | m8 c7 A7 B# W
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' Q8 O3 r1 }) VThe "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.( b" A' T- m5 F, q
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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. L& M) H/ H7 \1 Z
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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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3 M/ q8 F$ S& ?1 T1 K, ? @' KOil price rises to 2-year high above $58 US on supply slowdown
2 S6 D9 ?, e1 e1 ^Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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