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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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, _4 P& H2 X, y: f8 H4 J' k"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 says2 D# D/ ^2 o, \* r' l0 E
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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9 W( q" y2 S8 X; r A% iThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.. k. D3 b& M% ~, \/ l! ~% n9 z
' Q. Y& }' ~/ t7 P( R9 [6 K- 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." `1 z- L/ W8 s9 ]0 s* j
) |2 s0 h0 t2 ~. @) B9 u" \"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.! v% |' }9 N4 t) M
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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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"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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9 d0 Q( L* v. h& L- f1 k, _0 fOil price rises to 2-year high above $58 US on supply slowdown
, O6 Q( j% V$ TCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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