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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. Q' P' F) i! {6 I: k+ Q/ y
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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.' g5 a' I$ |" V- X( ^
) S& M0 o4 o9 y: [2 ~% YCalgary to have Canada's fastest growing economy this year, Conference Board says; }5 s; N) o5 n8 @( 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."5 s, O# ^, J/ Y; k+ J1 r& F; H
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.2 e4 I! T$ W% b1 T7 Z
* _) K C# }) ^"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.: J+ e) `2 ^$ m
: u0 |4 s% P9 d3 J- A" S"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.6 e3 v: Q8 ?/ X8 I
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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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: v+ C& c7 ]* v) ?: M"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.6 Z; a0 k) @; T0 t \$ H
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Oil price rises to 2-year high above $58 US on supply slowdown
. B4 s* y- W3 P* X# F! OCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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