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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.7 J+ j# `( W6 o' F3 r
2 q, R; T! V0 l3 k"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.& {' p: U9 `0 o! k7 Q
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Calgary to have Canada's fastest growing economy this year, Conference Board says: O W, D: V& p+ a! w
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.1 Q# ^& c& p% }3 ], R3 m7 q
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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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9 N9 v9 j% p5 V"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* ^$ {, e6 \) e$ Q& d3 x4 j% u
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& P7 X% t" \1 X2 L0 ?) K) u; WThe "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.- f# D% J; ]1 x, U% E% C G
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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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Oil price rises to 2-year high above $58 US on supply slowdown. t U5 w, e1 w
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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