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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.% x# w. P3 M$ }% k, J
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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., Z0 f: c. _( Q* M: g: c
/ k3 o( |* B, \) r' }$ o5 }Calgary to have Canada's fastest growing economy this year, Conference Board says
( _5 V7 b" u/ P: D9 PThe 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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8 R3 o! W6 X7 b) d9 \2 p7 GThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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! o" l2 M ~! H( n"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- Y) L& q9 T! h4 d
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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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% O5 M5 p9 I" M; ~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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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.
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( j; a5 [; l9 R% d: T, j9 u"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.
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Oil price rises to 2-year high above $58 US on supply slowdown2 O1 l6 e1 q$ M8 J# N8 C6 B
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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