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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.* w1 M" \; u/ _) Y: g
; L! t: q. y: I0 z2 z, s"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.9 y/ b- Q8 S% q' o5 D
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Calgary to have Canada's fastest growing economy this year, Conference Board says
% ]5 h( \+ S. t& }( {! F4 o* {6 hThe 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.7 H9 r) V3 m+ x$ E$ r
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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.# `$ v! n; ^! G6 D7 ^' U6 D
* a6 K! Q' w$ @, S+ k) c) 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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- @. x, h9 a) d( i0 tIt 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., P/ L; A9 ]0 K# {5 d# a
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Oil price rises to 2-year high above $58 US on supply slowdown
Y8 Q$ `6 s$ e5 h1 nCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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