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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.8 K0 _! q0 P% j8 P @
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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 says4 Z9 R" m5 i4 o# S4 [' ~# y4 i8 j
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."7 {& G0 m# ~! j+ J* R
9 a# Y# M+ ]/ m: ?The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.0 i `0 L7 b4 G5 s
' Q, M& |5 k4 N4 K"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.% a5 Q9 f: X% V9 D1 G
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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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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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4 M6 M. l) F6 ^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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"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.
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; |6 u' [2 K0 Y( E& {7 G0 o- S" mOil price rises to 2-year high above $58 US on supply slowdown
/ A [0 R, R \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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