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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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# C; G! V5 t5 OCalgary to have Canada's fastest growing economy this year, Conference Board says! o6 r1 A, E/ s% y& i0 b
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.! J) ?' @1 d7 o7 ~
; V' ^% `% U! o; J! {6 n2 P"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 J z; o1 ?2 B" t
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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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! W4 p- M: i$ ]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.+ N* m, |* [2 w
8 y. U% {# S4 Z" u$ vIt 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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5 y; n; `5 E" j" a5 q8 j) D"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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+ ^# j! N/ M: R( U( }Oil price rises to 2-year high above $58 US on supply slowdown" @- ~( g1 H7 j, {/ A; Y/ F
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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