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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./ e3 Q9 b" w) v; a% m/ P) e7 ]
# I& f V& P. I! e( X& R7 T+ A* Q"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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( L+ y* B! L+ F2 j- hCalgary to have Canada's fastest growing economy this year, Conference Board says
; l& m% `7 ?/ `% JThe 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."& s! F5 V- W Q& {: S# K4 Z
& q8 F8 \- O: y- R3 t$ oThe 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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."5 ~# M. |1 a* ]! ]
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2 t A9 ^! y2 e- W1 w z* H, t* RThe "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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. E3 L. e6 m; o: y0 _8 G( @9 Z+ j* @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.% G/ p: I; S1 X# x5 q' J+ {9 `
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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
& W0 w2 q7 P. [" t. t: k( NCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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