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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 v& ]' e# I W7 I. F; }
+ i5 Q1 }! d6 D4 m3 d8 I5 h$ B"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
6 Q m' B4 { B: D d* s; `5 F2 WThe 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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% n# Z7 T! v+ r3 dThe 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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."+ s W. W( x L( ~# O+ w# e7 @/ M/ L
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) i/ m4 H9 \/ {: 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.) J4 p5 {/ w6 [% {+ {" h$ V8 M
3 J1 f& A$ f4 u: `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.* e+ Q9 ?% K, y5 }
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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.* X4 C, P9 U6 b+ Q) {: B( u
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Oil price rises to 2-year high above $58 US on supply slowdown
3 S" j. B1 f! E: K8 _, c# E! ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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