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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.( X$ [( J& `& y( l; ]
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Calgary to have Canada's fastest growing economy this year, Conference Board says
* U8 G3 J- r8 a2 O+ Y' X/ U+ ^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."4 H+ ^6 J O- v$ G l) ?0 a# c
1 l9 ~9 B0 u: \4 YThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.3 g0 T2 D* M; m. d3 o
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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."
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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.
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* [' c$ N S. Z, A; C( kOil price rises to 2-year high above $58 US on supply slowdown
9 E* a3 n) U3 d4 e" r. ~Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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