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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.2 C: k* ~" d3 _: w3 ?0 p
: t9 _* ?: ~' _6 x"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.1 I6 i6 k% U% ^7 N
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Calgary to have Canada's fastest growing economy this year, Conference Board says& e, e# h3 Y, \" ?4 W; 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.". R+ X5 P8 Y r
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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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", V5 `$ x* [, l9 n
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* n4 T* w, }. o) YThe "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.6 t1 }, K2 }3 j4 n
: b! @1 M4 m" d( jIt 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.7 ^( g/ E4 `2 a9 H+ A+ F8 _1 _ G
% G2 l5 `. l8 eOil price rises to 2-year high above $58 US on supply slowdown
6 Y3 f( N4 D' _+ K8 G0 e e9 U, T4 i/ ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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