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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 i+ x) v" `4 B( W& m
+ U) d; d$ f' B5 |"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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- d3 P$ n- M. r. ~$ u" ?( x5 cCalgary to have Canada's fastest growing economy this year, Conference Board says
; }! U% n& S' x2 H& Z% v ]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.
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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.7 D; ~9 v% }0 R
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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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- j7 e4 O$ {6 {+ h6 u2 pIt 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+ w, T0 C) C4 I3 R( g6 L- S9 O
. f( i0 p: c' a& u' P"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.: @6 n3 `' y6 g, a) p. u: O" \
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Oil price rises to 2-year high above $58 US on supply slowdown/ W* Q, F) F0 Y: M& Z& j! B. Z0 r' i
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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