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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." v k( w0 Z; K: X
& \; _. K/ l( \"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.0 A5 Y( q) R+ @/ Y, E
7 a N0 A' h+ j3 t" e ]Calgary to have Canada's fastest growing economy this year, Conference Board says# V3 D7 D% d# ?' G
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."% w. r H% w0 ^+ K' m7 U
7 G7 {% a M2 a1 ]( V0 ]; MThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.: c, z' c% x1 `! 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.+ E( p" w1 v! T
2 N6 e4 b8 r( {+ Z"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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g' `- r) N) T- {3 \! F# f7 k! u; SThe "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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Oil price rises to 2-year high above $58 US on supply slowdown
; }! i& g7 V) `7 ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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