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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.% I0 `- u* B& E7 B
# Z* R6 P5 A/ K0 Z2 p"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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( G1 f, t9 Y* w& e6 m, W6 tCalgary to have Canada's fastest growing economy this year, Conference Board says1 R, [9 x* h$ N- @ C) A
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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( z' J+ c5 W& W$ v( s+ v"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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% m9 z: A; s& DThe "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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! M% M9 a( T) v& O- TIt 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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: g+ Z/ b! t- U4 d1 B3 l"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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5 R+ _: q0 o/ \' I' g& v6 ROil price rises to 2-year high above $58 US on supply slowdown
4 h1 _- L' V: HCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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