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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.# y# e# G$ Q; a$ u4 x
0 q8 C; D _& C# V8 G, x1 G( B/ m5 D"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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+ ]- `6 k3 q' W# MCalgary to have Canada's fastest growing economy this year, Conference Board says
. c: r$ W% O+ O8 y# Z% {: c) J* DThe 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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1 Y! A3 |+ c% ZThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.( I6 }# n% j& X' |7 L% I
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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.6 ^- O2 u( a" O* B% S
( W2 n# |" `' J"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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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.0 I8 C) q7 Y+ d* {: e7 ^, E& N
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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.. b" @% j" X. s c
9 r4 `2 J* I1 o. C5 fOil price rises to 2-year high above $58 US on supply slowdown
- l- `3 [8 t+ u( M4 y, P# ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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