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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.5 H5 ^) v5 f# H" C- Z, o
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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 says r6 E( _( s! n* w1 ]! q0 l) I
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."- ?1 q0 A s- s$ h1 b+ a$ z
$ m' ]5 C6 A0 u8 J& y* F" M# XThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.# D! s- _8 ^# x: ]. N
% x( \/ S( E% p' k8 \# w"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."9 b7 A; d# j' r
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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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* r, f( d- Y- {9 ZIt 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.' H' q" R+ E& ^ B: `- l
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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- u' a( b6 g6 P ^Oil price rises to 2-year high above $58 US on supply slowdown
\# O9 R% b4 M& @+ [9 ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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