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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.2 i% A, b. e7 q6 w3 n
- x, c5 M" ^! B( I( G1 T7 c, mCalgary to have Canada's fastest growing economy this year, Conference Board says2 Y0 x- p7 w9 P: t3 Q
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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.: W- \, m6 C& Y t6 w) E
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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.7 `% w9 G2 T4 a3 z0 G
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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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& y+ w. ?; H3 ?$ KThe "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.* U1 }6 Q. {( h. r% O8 S: V
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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.
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9 d% h. m; @+ {* c$ }7 @2 S A' kOil price rises to 2-year high above $58 US on supply slowdown
3 c! C. t" x5 C( }' P+ T2 K' \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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