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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.0 g. O0 `0 d3 K% H; x
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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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- [0 M1 c- S# T- E$ X5 \! s. SCalgary to have Canada's fastest growing economy this year, Conference Board says
8 a3 C( f+ P; W9 K, s3 LThe 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."" ^$ x3 W. V3 d" }9 A: C, D" j6 a0 a
7 q9 t0 s/ X' Q1 Z- X) ~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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: N0 d, N2 w+ _1 a. ~1 p"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."1 Q* s* M0 {: p1 D- V0 G8 _; _
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5 C% s# J7 M: s% ~. D/ X4 L dThe "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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* ^9 a. [% \& e% |, YIt 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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7 O1 G. `3 D6 x"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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8 K Z: N: A/ ?' \7 OOil price rises to 2-year high above $58 US on supply slowdown+ W1 b" j$ ]# i- U: Z0 I! B
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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