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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./ N2 ^ J& n" t0 H0 Y- f6 J
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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 says5 I. k/ C3 m6 C3 [3 X# {
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.
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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.2 j; {3 @$ q$ ?
5 m" H$ e8 c8 ]- b- z"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."; H1 c2 N9 D/ ]' C( e( P, j: X
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2 r( x" @) u1 w# FThe "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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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." N# b8 @, P. }0 O0 W+ P
- n T: L/ V6 X1 T"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. z: @' |/ i8 e6 r( V
4 L- c5 E1 c/ x g* Q6 JOil price rises to 2-year high above $58 US on supply slowdown
8 w% N" B$ B9 {4 ~! H0 z2 wCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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