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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.7 L6 g7 {6 A, o/ V! Z8 w4 x
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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.4 U% c) U% f/ W" k
0 {4 _9 |7 b3 I# h9 @Calgary to have Canada's fastest growing economy this year, Conference Board says
6 S x K0 X. V* k7 _/ D5 F/ 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.": y' y& ]* u( N1 s* o7 e
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more." ^, S2 M2 S; z6 q& O. \2 F
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* x5 P7 I& |7 _$ WThe "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.; f2 I: J3 v& x; y! D! E8 S& K
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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.* J& Y; I) O2 B4 q( k
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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 Z8 _$ |! w4 p! ?4 _) X; Y2 i
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Oil price rises to 2-year high above $58 US on supply slowdown
1 |: @; n+ B+ I% SCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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