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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.. h. U% h6 p$ t% Q! f2 ?; `
; S5 G! @) J5 h& @- Y4 Y! q3 }"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. t- y- W: y! k* \: L5 {; A6 e
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.
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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."* k( Z. J0 Z1 Y1 n% }8 E
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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.% p3 L: ]. K* F/ u& e, C/ F5 q
0 o% |$ I5 A7 a6 PIt 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.0 F5 _6 S. \# T7 j* U
2 }7 `5 a9 T2 F$ e; q- g9 K7 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.$ ]2 n U; ?- f
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Oil price rises to 2-year high above $58 US on supply slowdown
8 n! s7 ]( f' ]8 U+ Y2 @Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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