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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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* {1 B; P" A7 t, @5 o) O0 z( }Calgary to have Canada's fastest growing economy this year, Conference Board says
8 H* p/ G% y: W4 [" q, _ R3 VThe 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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/ i; `9 b6 O" f& S# O$ G( P"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."
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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 Q) e) }- s) PIt 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.+ m4 [5 S3 {6 S5 L6 u1 _; O
6 c( ?" H7 G7 o"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.) b7 `- z; c% x6 x" I
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Oil price rises to 2-year high above $58 US on supply slowdown
% u: B3 J6 g8 T2 h0 ^7 E6 n, mCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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