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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.9 Q( X5 c! R5 P
' P9 u9 ?& q; F"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; O: E0 x2 k/ ^7 e% uThe 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.". D& R" E' m& H G& @* w4 S
5 `) v9 H+ l: Q5 |: c; R/ _The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.6 Z x- j1 i* b) Y2 f8 A7 r# }
j/ ^/ G F( |) S. t- @' t"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.- D7 f" k4 B# a& _9 k
/ r9 a' n" B1 Z/ `- z7 x0 g1 P"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' h# u% \$ ^+ h
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7 Z+ e; z; m# ZThe "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.0 u- }0 d/ E2 D+ U
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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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4 Q/ y* n, H6 J/ J"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.$ _/ [! D. M1 B9 Y
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Oil price rises to 2-year high above $58 US on supply slowdown
/ x) L# o7 J/ s; J; T7 t& ?6 |Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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