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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says
' ~& H2 H8 o- l2 fThe 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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- w9 |0 D0 M$ u1 MThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.# @( M$ i4 j- w9 c Y# w- U! v4 p
! e% M. [5 s, Q" v"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.% _4 |: v6 A( Q- @( ~
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."; C2 m3 `9 _5 \4 W, A9 Y3 v) [
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The "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.* Y% \, t' M6 L( z1 S* S
! s' K0 h" b1 w' D" FOil price rises to 2-year high above $58 US on supply slowdown
! A/ m$ O9 L3 p- ?Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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