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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.4 S* g3 } x3 ~3 e0 K4 m
( t( l& M; x* T8 q/ f* u"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.4 y/ k$ b- Y$ H- G4 Q* L
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Calgary to have Canada's fastest growing economy this year, Conference Board says, c+ E% m5 _: Z7 y3 K1 l* g
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.
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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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2 Z- I$ h% X6 R2 m' s# p"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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% S2 Z9 |" @' ^% I' K K" a7 Y3 L, BThe "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 x8 B x7 A; 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.
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, F) i6 M3 `: C! M% T h' w"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 slowdown% g5 I4 l6 P' @# w
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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