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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." L0 {3 F' b; V' W
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Calgary to have Canada's fastest growing economy this year, Conference Board says. ?5 V. W" Y/ V
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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z# Z' | X+ k0 z5 ?The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.* j a$ d& r$ Z1 j
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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.5 G5 z: L- m7 e) s- U' I% ~
/ O8 w# N! S- A s7 @* ]" O"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."$ J9 q4 y/ |$ Q. x
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8 z9 k3 S; S8 u8 E2 @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.7 X& K& S; A1 r
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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.% ~0 n% r1 B( X. _- k' X4 X' B3 U
" q `# h+ c9 }4 h7 F+ {7 M* ZOil price rises to 2-year high above $58 US on supply slowdown
( ]3 y. y+ B$ f6 B& m: p+ w" lCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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