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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
. E) e1 m3 N- H; yThe 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.; R" p4 Q- ^# q l4 C: J
+ @# n5 e- O" s' u1 t* _+ v"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.* M" Y* J8 t' N" h2 @3 A& X
% { [, x2 n1 |' i$ c"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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4 d; D5 Q- S# B3 j6 Y1 h- FThe "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.
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0 M& O5 f& n( J9 h3 Q"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.+ j9 F- [1 ], _
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Oil price rises to 2-year high above $58 US on supply slowdown
* H4 @( U( c1 D8 R1 Z/ @; LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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