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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.& ] `$ b3 Z2 x. `
1 j$ g" z& P( h2 d"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.* G2 J2 l5 f o$ H1 E0 I
_4 m+ c/ h2 o$ oCalgary to have Canada's fastest growing economy this year, Conference Board says- N; Y0 P6 t% l
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.9 E1 ^- ~2 v+ x+ f' Z5 D4 b3 {
+ a) m8 R9 }3 R- a6 O"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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. h( X0 v4 I0 M$ r, y# {. D. m"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& ~. d9 v3 S# T- t0 A/ b1 D, X
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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.) v9 v! v# L; k
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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.4 E+ F& w5 u" v; I( e' ], N
; t6 ]6 d: T) y" d% i: @"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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Oil price rises to 2-year high above $58 US on supply slowdown3 \3 `) o* V0 p" o2 X$ j9 s
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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