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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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1 v$ z1 C! ^, m) i1 ^4 u. W"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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, K2 N3 G5 Q# r, B) p9 C! ~Calgary to have Canada's fastest growing economy this year, Conference Board says
- J: w: G3 M! g. Q( o! W, [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."% }9 w7 O6 @0 b3 B
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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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"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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9 S. A7 o% e7 J3 N9 b"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", F) W2 g S2 E& Y3 L% K5 f
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# f- b% q2 \+ [1 x bThe "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.% b0 T) @& _2 P* \, K/ O4 J
4 E- ~. Y+ w4 ~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.
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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 $58 US on supply slowdown
. Z% ?" T2 J; J$ t0 [" YCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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