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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.9 R2 J* R9 `7 T
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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.: M: n$ z0 N k8 M$ ^' ?
# e {: @+ V/ c- g b gCalgary to have Canada's fastest growing economy this year, Conference Board says
' S! X3 R7 B) h4 T6 I0 z- eThe 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."; \" L, K4 i' W8 O' q' k
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 A- c2 l( Q3 O M; j w% n, ]
( b+ Y! ^& p+ r4 {; D"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./ U0 @5 @4 f" O6 x7 J
: R/ `7 [ t7 f! `" [- C6 O7 P" X0 a"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."# W; p T' F: O! {7 g* C
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8 b- L2 u, C: J3 }( ^: cThe "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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"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.0 K# g8 D/ [. F+ z6 g$ A
& W9 B6 p; x+ o, I- {" ^2 LOil price rises to 2-year high above $58 US on supply slowdown' I1 G0 O# _6 N w9 N$ p
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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