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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.. C" `/ z. }, `
$ [7 n0 Y. f1 C4 I0 n"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( `7 r0 K2 E, i, T0 n' @
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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! v1 Q/ t4 ]. l9 D& ~" p/ kThe 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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"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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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.7 c8 G8 h V' J) n4 O- d
: `* i" I% a5 ~* z" W"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.4 o6 o+ Y4 }/ w% [5 N0 V1 b+ h
! v/ s2 K: n2 i& m9 e3 h, aOil price rises to 2-year high above $58 US on supply slowdown
2 P2 }& J! G. @8 z9 U2 S0 sCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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