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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., R) F# K) m. i9 H
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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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: {- j1 a% n/ c" z) FCalgary to have Canada's fastest growing economy this year, Conference Board says! `9 w( N, n: H9 P7 Q$ F
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."# L, t5 k, P* U# V1 O# J
* c& A( g4 w, E( V5 d2 PThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.% w$ W( X4 k, ~) N
/ Y! }5 |7 b# T"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.". J+ a; ~+ m! ?$ q
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) o' o: |, G0 f2 Q- ^; 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.+ K# O8 j$ r6 h) |# B
! O w' Z. H+ M" X9 ]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.; w: M5 h5 _8 m* N! D- ]
1 i5 a5 `! Z% ~4 p ] \4 @Oil price rises to 2-year high above $58 US on supply slowdown
; ? y! A' E: u- l% u6 Q6 E7 @Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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