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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.- U& e3 @( I: o5 N$ N
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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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$ F& z% M( K# A# \ zCalgary to have Canada's fastest growing economy this year, Conference Board says
3 @- J) H J2 E* kThe 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" G* L- q3 M
( Z' C9 Q2 W; nThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.' W; @; X( N2 M& ~6 Q* k
$ q$ n* q5 @# x5 I; i# d; s: Z"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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$ r7 L* r, B/ H: \"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", t; q( r3 R* H' p
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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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# H7 L# c5 [7 I: pIt 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.. U; h; y0 T9 P3 A6 o
" [- c* z! u# l) j2 L, B"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.- Q1 i& k( Z- [0 l* ^
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Oil price rises to 2-year high above $58 US on supply slowdown
* I J4 l C9 p" W) cCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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