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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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9 D* j8 \/ M6 B: a"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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# v: _3 ~7 b$ _, i# }Calgary to have Canada's fastest growing economy this year, Conference Board says3 U0 r R5 E. `' ]+ ^- _# g0 k% q6 Q
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.* a$ c" i3 ?# b6 J
( H6 s: x- h( _5 {+ k"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.+ b) m# E- d; ?1 Q4 m$ G
, r8 T. M) z/ o8 q L"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."8 A" a& O! P2 C
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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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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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"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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- {6 q' x O2 O( c" T% U9 [3 tOil price rises to 2-year high above $58 US on supply slowdown
# r& \7 l2 ^2 }$ P/ m uCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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