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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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- Y; Q( F( c( q9 O, G. x+ r M"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; t8 k: N3 u0 n! @& U- X( M* K8 Q
, l* u& y- w' J SCalgary to have Canada's fastest growing economy this year, Conference Board says; s, w$ V! L& K9 G8 x& T& ^& `
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.* ]* t K8 _0 L2 e3 \0 C* m
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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.( K1 M% @3 |+ m$ R+ V2 \
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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# |3 ?; E; i) P' g6 ]8 |! DThe "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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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.* B( @# U' b" m3 K' `
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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 B; I# t$ q4 `5 w- n# v( d
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Oil price rises to 2-year high above $58 US on supply slowdown. O f; I, s# _) Z" c
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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