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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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4 H5 k$ j+ ~$ ^5 D"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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Calgary to have Canada's fastest growing economy this year, Conference Board says4 [* O6 T# F% N3 D! G( p
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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" i+ E/ ?8 `# {9 ZThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) u' V% X* g( a: R
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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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/ j9 f; k, g: V5 w"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* G' [' ^3 M* u7 A
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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.- I" X+ Z3 u$ C$ f2 ^4 ]
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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.
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) d0 j6 v) Z ?3 _"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.) Q6 Q# t: I! e8 g5 N! }* M! t
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Oil price rises to 2-year high above $58 US on supply slowdown
4 @: _& a C( D% d5 XCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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