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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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7 J: {% G- X( q1 M! O"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 H2 g" m! K& C' O2 v$ j( |5 B4 Z
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Calgary to have Canada's fastest growing economy this year, Conference Board says
: N/ y& j8 E, E4 ?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."# d5 r4 N( @) W% C& C
) V; X% {$ J* g+ o5 I1 x9 m9 w0 \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.% z" l( H% N3 e( K" k: l
5 l7 O/ H# \# |) h$ I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."; D) E, t4 n! I6 [: Z
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* U1 u1 q# B. _. x8 \% ]: S% g+ tThe "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." W! h( M$ S s1 }9 w+ g K' N Q- R
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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.+ E' ?5 r' p* p- y
# I/ ~2 |* Z' r& \& Z. d; }" Y) W"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.+ \1 c1 |! w( a; _' t
/ M- |7 \1 H6 u( _6 X+ z, AOil price rises to 2-year high above $58 US on supply slowdown
: X1 V- ?% @# ]5 g8 C/ v. y. eCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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