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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., U2 d: S7 ~- S$ m( z E# J
3 |- L0 I+ s) J; J% G# f, a1 R; \"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.4 N: t: l& O; z
+ h7 W8 @3 P* y. P) q: a5 U( lCalgary to have Canada's fastest growing economy this year, Conference Board says
6 O4 [2 S( A1 N N3 B3 \/ \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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0 a! w8 T0 k0 I0 C$ F"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.1 p4 P ]' X8 L$ o# ^% d$ T
3 l- [7 l4 P; L2 V' C* u8 d. Z5 B( w"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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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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+ @/ B% g4 Y: H; ?6 }" POil price rises to 2-year high above $58 US on supply slowdown
& r; I9 A) q4 g1 z7 L. y5 g, `5 OCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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