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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.* U4 V. A' F( U" m; F" J5 Y! k! z
/ _4 o' S& N* E"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., o/ A3 a" ], M2 E' N5 r* S
2 [9 N& `! ]' J+ {6 ZCalgary to have Canada's fastest growing economy this year, Conference Board says! J& k0 G2 W: H% m+ }7 s
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."6 p! ]3 P/ R( r. @% a5 o0 E
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.8 N% N3 H% ^, ]! I7 {$ S
5 g) p4 G$ a% d6 q7 X"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."% u A" }( ?- r, _ X( D
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4 E; y! q" j4 h, G* T* R3 |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.' U( _- Z2 l# d1 W/ L
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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.3 E; t. n6 X0 d! u0 Q5 W- E% A2 `9 U
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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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g4 ?3 O: _. T& I8 l: AOil price rises to 2-year high above $58 US on supply slowdown
/ n( @9 U8 ]3 o0 t0 kCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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