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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.) ~/ M: A" ^: U }+ X1 G6 V
5 }( b$ l5 d: l) K, Y( t- u5 {"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% W$ A$ q1 O7 M, j5 ^: d
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."& k, L$ k D$ ^$ q, t( t
# S4 E6 h+ ?/ ^ SThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., h9 W/ y1 S) W* U. B
* R& p/ {8 }2 y"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.2 `- g2 r% g5 S1 E! ~. j+ D. C
, x4 N2 F* v4 B2 Y+ A1 s3 a"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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4 I8 w2 [0 ?4 b, AIt 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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, H, e2 G* w- T( w9 R: 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.6 r. T1 S- ?4 T* p% D0 J
& I0 K. J L8 L8 _Oil price rises to 2-year high above $58 US on supply slowdown
+ A2 H- b% e0 I3 N: l9 {( E; uCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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