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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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& Q4 o6 V& c* Y* V"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
8 O) a( s$ J' ~( [2 EThe 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."/ _4 [, F$ p' \9 {' I, Y6 B
9 P7 v$ p! w8 n+ WThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.0 p! O4 p/ ]- ]/ V* m9 _
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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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", a, }" s" h2 T) e! q$ g* X; Q
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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.% K% `; C; }* G2 R6 N, \$ x
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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.3 y" B) |( i m& Z4 M- y
' q: S) k5 c! h8 [' 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.0 k! |- J1 v9 g8 I D
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Oil price rises to 2-year high above $58 US on supply slowdown
* y' a% N. }5 A8 z, k; qCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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