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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.% t% f! i/ \$ w% ]+ d
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"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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0 g7 {: e2 ?4 ]7 z8 o" k6 ZCalgary to have Canada's fastest growing economy this year, Conference Board says2 k/ P" f2 D% }9 j
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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! A6 L4 H- Q7 C4 mThe 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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( Z- _# F, E4 j- D. u; H"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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8 R8 w: \0 y' I9 A! J- @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." _/ U+ t# h/ l$ `8 X# w- \/ l0 ^
# q' h) H' O4 R& b; T8 X3 [6 T& Y8 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.
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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.1 z1 o: e' B) y8 [5 n9 u: v
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Oil price rises to 2-year high above $58 US on supply slowdown
; f) W% e: Z$ O7 wCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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