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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.
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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.5 y' S0 c9 o& o: ^9 A
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Calgary to have Canada's fastest growing economy this year, Conference Board says4 N+ {% c9 i9 K4 \/ P
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."0 G( G5 p; G$ H% {
8 A: B- h9 |: |7 s! @$ P* o" OThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.& f2 z7 X- k3 W0 v
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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.; b" D9 |1 X; a4 e1 ]" L* M
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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; V# P' H1 v8 h. h6 SThe "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.& e. D9 u- a3 \0 F& F
( C& g: ~( J) J' d! @2 g! b4 X4 hIt 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.: Q9 j2 K/ J2 ^' u5 }; R, g
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Oil price rises to 2-year high above $58 US on supply slowdown
9 N6 c9 X3 o7 y% G( TCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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