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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.* H. S i+ V; z) E) m
8 U4 R! P3 u! w5 O' PCalgary to have Canada's fastest growing economy this year, Conference Board says# W3 W4 ]9 G) W4 Z K7 U7 p/ e2 y
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 i( m/ w1 b" [4 x) [
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) ?, G2 M& Z6 o7 f
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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.2 \( T: A, P" ^
9 [1 I2 m0 ~6 v) l"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."; W8 h h6 H& F R
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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.% d) G/ t/ B& C2 C; O
F' ] K2 h- ?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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: O h) }. |2 G, A, M) k"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.) N) _8 H. [" u5 |
! r, a5 T, F$ K- b! b% m5 aOil price rises to 2-year high above $58 US on supply slowdown' H1 a- m3 d3 N9 U7 B+ k
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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