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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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"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.! I7 M2 i J5 e& w
! v) @3 O) b& l/ WCalgary to have Canada's fastest growing economy this year, Conference Board says. O, X( S- K1 P& w( R
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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5 _+ D# z1 ]- F# D& O: }' v& o& N. H"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."4 U8 c" E* r0 D' d5 p( L
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+ r# p* C+ l% \2 Y JThe "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.! G) S0 |8 L( u9 D0 ~. g7 |
9 K. c4 k, c( {' `6 \; a+ fIt 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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Oil price rises to 2-year high above $58 US on supply slowdown
! `: o8 ^1 v; e- Y2 \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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