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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.# L7 D# ? H3 [4 \* h
+ w1 m( u3 R1 gCalgary to have Canada's fastest growing economy this year, Conference Board says8 K H; G+ u; 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."
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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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+ H5 H: |4 K9 m* Y o"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."9 Q, D7 X+ i9 o/ K
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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 k! { [' Z; |$ C4 k& ~) e7 }, _$ G
, O* Y, R9 x5 ~$ V. KIt 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 r0 o( D% q8 D
- j1 B' k* {. l% p8 ?6 Y"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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% g3 d; R$ ~9 e0 A& iOil price rises to 2-year high above $58 US on supply slowdown
* T- g% y! Q8 l M0 UCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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