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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.
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2 ~( V+ R( l( ^( w# P; QCalgary to have Canada's fastest growing economy this year, Conference Board says$ V. f# `& _! C( d7 M3 x7 \
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.": K) `$ T; k, ~. r/ ^/ h
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.* w" @& u' E$ e2 p' N
$ \1 s! G2 B M6 ~. W) M! ` [: T"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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5 v6 m/ O# X4 i" b- [( Q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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.
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: h& B X# W( BIt 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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% f/ u; {5 F% {( `"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.. `& n1 G+ D& a5 Z! _$ h
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Oil price rises to 2-year high above $58 US on supply slowdown
+ Q2 ]8 T; o. X2 LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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