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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.! |3 v+ k+ T; l' \$ d8 W
% ?: I( U% P' b: c w5 p( \1 X"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.4 A5 d0 ^. g1 r
$ w- g! w G5 U3 f2 L- N d; ^: HCalgary to have Canada's fastest growing economy this year, Conference Board says/ U8 |- w( O- F# B5 B
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.$ k* R' |. e, C/ J/ c. K8 n' d6 J
$ F- _% d7 G8 h"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. F# r7 P6 ^1 |0 H/ b
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"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./ F" E) M: Y# o* p: e
; a$ ~3 E8 Y; A& `" L1 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.) F L8 n: l+ u
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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. J) n% q8 m8 C: S2 `
7 i$ B' m1 H) |, J6 kOil price rises to 2-year high above $58 US on supply slowdown
; o# k. \, }* e q, R# p* T- L& BCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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