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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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"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: _. Q( j S/ `, `0 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.", A8 Z: F7 c" d" [
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.: q3 R+ ~. y# O9 t
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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."
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+ U3 E. Z. }2 e4 M* U8 u" [2 S, CThe "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.8 k: q9 ~" S- U3 F* O" S, x. d+ ~4 [5 k
& o. e2 [ j8 N5 UIt 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.! @7 u% P$ p0 n7 A, h# H' T. F2 Z3 A
2 S* R2 {( s0 |9 m( T n6 F/ o) 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.1 J8 l& H6 @! v# c$ b$ h: M
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Oil price rises to 2-year high above $58 US on supply slowdown* {$ S; n: I& \# f6 B
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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