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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./ _3 Z; S+ {% f% s g1 _2 e
" }, S. l2 F6 W# Z* ["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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2 q( M$ q3 a/ L1 M% c/ {& GCalgary to have Canada's fastest growing economy this year, Conference Board says2 [8 `. P/ I8 h! b
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.". r, R8 B E7 }; p( C! X: x
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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.4 I" U2 J# w3 S" N: P5 }8 K5 v( o4 v3 t
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* {3 E$ |+ Q6 O' ^% K
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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.
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9 ^3 N" i$ D Z* k+ g* Y& N7 P& IIt 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.& |* w) G1 O8 D8 O
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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 slowdown5 Z ?( @/ x) ~
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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