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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.0 q. c) R& V$ a" A
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says& C- B' N* ~# l) ]
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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$ i0 H' }% v% r: p! f! YThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 ~; c6 R3 t3 a3 ^
. W8 l7 O( H6 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.9 L. q7 W% ]6 {- A6 _
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* l: p8 D6 t3 ~" o4 E% O2 F N
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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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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.. F2 V: F, v# E. Z$ O; @
1 {* D }0 K6 D/ {" [' S# 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.0 t9 K- {; h2 ~, S6 y6 |! e' D& \' ^
9 R! F6 v# A+ `* fOil price rises to 2-year high above $58 US on supply slowdown/ F5 i# C* ~! t/ Z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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