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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.7 U3 S& X0 Z u# A
- ?# C$ U/ x; L# {) `. B' C$ H"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.8 s/ @% J1 I) i
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Calgary to have Canada's fastest growing economy this year, Conference Board says
u* R3 S( h1 m. [1 c1 F0 ?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."( |" n" u2 F5 g2 l2 h
# O. H' c: y# v; e3 ?" I, J# [The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) T- {8 H! Q* q4 q* \1 M9 q
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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.) @" s) S6 n: K0 Z% W; o2 b# P, [ o9 O
; R' K7 K1 N4 N" k) L"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."% `- {/ F7 \2 Y6 s$ C% `" Z
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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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Oil price rises to 2-year high above $58 US on supply slowdown
4 L3 l/ h$ a) n. a- V2 [1 ?Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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