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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.
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% |1 L5 d7 U3 o6 _) tCalgary to have Canada's fastest growing economy this year, Conference Board says$ b. H7 n0 J' Q( b
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.3 J/ j1 Q1 i- o. `! u" c
8 g, k. v5 w$ j; g3 z7 l+ {( ]"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.( \; V( r: C8 k. S$ }8 o, d3 u7 i8 u
' ~6 j2 J4 r% c: }& |"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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5 S4 ~$ Y4 j( G& |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.; x L5 k4 N: `8 k$ A* H
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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., x, \* }* K6 h$ R h
$ g$ S2 I" Z, P- g a/ Q* g' w" uOil price rises to 2-year high above $58 US on supply slowdown
, F8 l6 O$ r# W( ]- OCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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