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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.# \! M9 t3 S+ D+ |: l3 e
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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 says9 z4 ^7 Z* z4 d: B7 C& D! k9 r
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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% d9 \# d/ N( Y; q* ^" L: BThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 c' S$ l! D2 t& X6 v7 W7 S
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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.+ z e& }6 b) ~4 P8 G( O
$ ]& A( }7 N& {) v/ y8 \: H"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.$ ^: C4 ^% v1 m9 K& c+ s3 V; k
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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.8 ]9 O' w: A, }( x9 e1 n
. k9 g, \5 J) Z/ }. n3 O: e& s"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.# V8 d. L0 A* z6 t
$ c! j' i" j# A& AOil price rises to 2-year high above $58 US on supply slowdown) R) k% T: S- X8 h( }9 o6 ?
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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