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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.& l# L# P6 V: \
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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says
, z9 L& A# {/ p! g8 ]* RThe 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."9 w5 G" Q+ N. H) }1 B' v2 _5 V6 I5 }
# {6 N% m5 ^$ t3 ?The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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6 V. @# I) v( I# j; z"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.* X3 z; \; H, q+ J# R z; o' }1 M
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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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) \$ h+ t+ m3 p$ H# O0 xIt 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.7 k- {- _$ t( ]; f
6 [1 M/ ]1 Q6 d5 u. b) o"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./ O# c: L0 ?1 s% }: h4 Z7 }3 [. ]# M
6 W2 Z3 k8 E- L+ y- bOil price rises to 2-year high above $58 US on supply slowdown3 D% V$ r8 m$ R/ ^* ^# \! I
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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