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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.: C6 s5 r$ T9 O$ R* B$ l
y+ v# t+ B4 H6 H- m& R"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.- k9 Q7 {, u3 H! ^ V
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Calgary to have Canada's fastest growing economy this year, Conference Board says& R4 D+ [# H$ p& ^) k, h
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."; e( W" a, V. o3 e
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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.
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0 U+ b7 `4 t/ `' m, D- E"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."# F: V% U5 X% O! Q: m" h# p' H
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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.# k2 N/ F3 _4 D4 Z
2 v N) d" [) V- A9 h3 BIt 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." b+ J* @: n' V* }! Z* {0 o- P! d
8 k0 z! \* O) }9 l$ I2 o0 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 slowdown9 M& K# f: r" o8 M8 _
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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