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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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# f4 l! t+ f% D( B$ L* S"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." Z3 d& y9 O, A( {
8 q, ^! m* V! S- ?$ z9 \( @ p$ n+ q* QCalgary to have Canada's fastest growing economy this year, Conference Board says: x4 M5 G% o& Q2 l# Y" e l: a
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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; `! D. ]. }- S0 BThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 F) W8 o' K. i- D
5 h B8 C4 |2 t/ z% N"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."7 ~: C. l2 Y" ^' |2 Q% d! O, f
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' j/ K' T' `) |: u+ ?The "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.; W+ h4 ? U/ R( \, u0 c) F5 c; e
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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.
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* d& B4 I9 W" n; ROil price rises to 2-year high above $58 US on supply slowdown
; r2 p: f% ^7 S& `: ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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