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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.- }1 a# z @! R, A
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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.
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1 `( ^" W" t( E& x/ H, J% |5 V" q9 _Calgary to have Canada's fastest growing economy this year, Conference Board says
3 Q& K L7 C/ Z* b# h$ ]The 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.4 n& x! x% q/ v+ q7 C0 x& P
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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.3 O0 O: K$ `! v- }5 a
5 `) h8 E; x( P! |9 i"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."- v' z) g- ^/ |% N. J6 Z/ {- d, n
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3 @- d$ n5 |/ s i# f3 fThe "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.
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Oil price rises to 2-year high above $58 US on supply slowdown* @" f7 @) `7 d, ^, d, w) Y8 D
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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