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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.5 o3 a$ A9 ^) T% t$ m7 O3 _
0 U0 Q7 p0 e5 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.! f, H E3 j* I, G. `( s% E
: h( U& ]2 B" }) m/ WCalgary to have Canada's fastest growing economy this year, Conference Board says
. z4 z9 ^4 @5 E+ @9 S2 V" iThe 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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. R8 p" c% `. W4 k" rThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 Q* S6 x" O5 X! Y# E* b; V
, t7 c6 C j: E/ E$ n$ I# G"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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, F" v, Q! i. k, h6 j; o"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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.
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+ t' N+ Q J. z5 XIt 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.# v1 _; c; |( c
/ X o! J1 n- m* \"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.! f% ?1 `6 z! e% h2 Q! q
9 R2 ?! u: Q( B3 tOil price rises to 2-year high above $58 US on supply slowdown
# ?( J3 F) d1 @+ L; h+ V0 a. \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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