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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.
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, L+ |3 `# e) D3 Z1 \/ M4 ZCalgary to have Canada's fastest growing economy this year, Conference Board says s+ K4 Y Y+ m
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."
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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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- U+ l; d. \0 P a; |& t( E- R8 x"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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4 M$ E# [0 f$ B6 p3 j"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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$ |6 C+ a+ m0 a5 M! O) m1 ]) }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.+ V' l; `& g- v* m: U
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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.# X8 \1 @. W) ~1 n& R$ ^" G( u. B
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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.) i/ V+ E* x7 G: R1 l+ Z' O
. \0 c7 z( r) Z" @Oil price rises to 2-year high above $58 US on supply slowdown
( k. h0 V4 I# S# d+ t# ZCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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