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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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+ k# ^: S9 G$ ]3 d, o"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.5 i. [7 O8 Y/ {1 ~* Z! J! O& v
% `% q0 K/ _3 ^" Q4 YCalgary to have Canada's fastest growing economy this year, Conference Board says
8 Z {4 |0 Q# F& bThe 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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l& g& k, r9 W( u1 wThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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0 p X- D, ]. N5 Y) A"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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6 a+ W- i' y1 |8 QThe "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.$ X+ j, Q6 A4 d+ t' K6 u) C3 O
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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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& c5 H9 B6 N, W: [+ l"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
; e: Z# M4 L8 r7 T/ gCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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