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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.9 ^+ q3 y6 o) V; N9 b
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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.& M! ?: ]( T" A9 `: Z
# c1 a1 ^- U) H; TCalgary to have Canada's fastest growing economy this year, Conference Board says3 u( y p4 M! U0 J* 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."
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/ M8 T* D, e1 CThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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' v: {9 q4 K9 t2 x4 G% |4 x"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 L6 g7 k a5 G- b2 F w+ x1 W
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! Q- O' x7 F( k4 N
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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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) z: [6 M& g4 U; D- p7 m1 OIt 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. l" B/ C# x: c! e0 G4 l; E% w* J5 h. M
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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.& E( l( J- h) E' o2 W; u# ~
; G% |5 W0 |# @3 |( v% BOil price rises to 2-year high above $58 US on supply slowdown8 V( k+ [0 A! p& [4 f
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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