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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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_8 m) u2 Q; q: 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.' F& V$ `7 g: {. a' z5 c, L \5 ~% [
$ _' q$ b& x p* g" BCalgary to have Canada's fastest growing economy this year, Conference Board says: }, G3 m* C0 f9 H. x7 v g9 V
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."7 X8 N: I8 ^5 u1 [
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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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* W. d" y+ c0 B- A7 w0 F$ i"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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/ D" C, c; U; v2 E3 ^ o aThe "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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8 f$ p) n; K" j# |( g IIt 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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- f1 h# x3 G+ F) `$ S"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.# ]; v$ r2 ^/ h; C: R9 o# p
, a* c# Z& D! Q( x9 C0 JOil price rises to 2-year high above $58 US on supply slowdown
9 k) d& O: d4 [ ZCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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