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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./ o) X2 g4 V7 ^2 F3 y3 C" k9 E* w
3 f+ R+ Q$ p7 ^# h8 K2 K- i+ e"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.9 G" G2 n( j( Y. L+ s5 S/ d
5 [' T% s+ T3 g/ {5 m5 ZCalgary to have Canada's fastest growing economy this year, Conference Board says( p/ B0 b6 s/ F. z4 n$ [( O3 |
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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; P% Y, L2 |+ h! _& G"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' |9 z7 c5 q% b; S* ]
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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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! {, V" R3 j& |. EIt 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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- i$ C3 p! z3 s! [1 W r9 b"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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Oil price rises to 2-year high above $58 US on supply slowdown
* P# C5 t5 ^' ~! n4 F) t8 ^Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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