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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.( {0 f( P9 |6 l9 v' m8 q% `6 m
8 e6 D0 s6 Q6 B8 X8 O"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.# A8 W+ {* \7 f
, @/ ^) \8 D+ N ]/ w# yCalgary to have Canada's fastest growing economy this year, Conference Board says
, }( u0 l7 G. S" yThe 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."1 K6 h6 N% L' d5 S* T
' t# O" S7 z& k- S( c! G( rThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.2 n4 d, A/ j+ P! J" W( x: m
+ e, V6 {% M4 r4 Q9 u: J O"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.- O- S8 a8 e0 A) Y9 [9 C
. W: {3 m. C1 V G"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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" {; l0 m2 \ C, w, x0 Y% U5 gThe "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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: B+ p. ^9 d% ]6 x) g [- 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.
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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.2 H) J* n, O6 [
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Oil price rises to 2-year high above $58 US on supply slowdown
, |7 S3 f9 [+ q m& tCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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