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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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* T$ m; U7 X) A% r0 Z"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 says3 Y7 z- X& ^0 M4 X7 x% h
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.8 b, E5 o4 n H+ Q @
# z0 Q3 R: z; M8 {3 d# ?"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.0 K! U$ u. g+ a7 f. x# s1 W8 E
5 }$ N" m5 {7 g"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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6 N% ?) c6 H2 n5 ^+ l5 t) q0 VThe "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.% L; M; ]# M4 e& |
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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.% a. w: `! N x
! F5 P$ E% M& d# POil price rises to 2-year high above $58 US on supply slowdown
2 Y( T" e. @9 ?4 q2 _9 _Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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