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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.- L n& i9 r8 G0 _' p3 W0 x
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Calgary to have Canada's fastest growing economy this year, Conference Board says# w& s. V }( l& X2 o
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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% N! W1 K' k5 |The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., r+ L. y. g* w$ `; i% J# Q
: m$ F0 r. b; d, U"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.", t& S9 k9 E& `: D3 u
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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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& _3 _0 r1 q$ tIt 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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5 [9 |: h. f4 |"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." `0 L7 ]8 W2 \2 n+ i% q) ?
" X" n' Z2 f$ T7 D% uOil price rises to 2-year high above $58 US on supply slowdown- V, F1 |6 M5 ?8 r+ M
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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