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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.- _0 Y' f W/ a0 s* `& R; [
2 d% S1 N; [0 ]6 t, VCalgary to have Canada's fastest growing economy this year, Conference Board says5 d/ K5 {0 i$ x( A* @4 ]
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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" ~" o r1 c; d# j4 w
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9 L G5 {+ p( [9 QThe "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.0 `; c5 S3 S: @$ U/ M
2 V5 a9 j; @! P* i0 sIt 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.+ K* c4 G& ]% z# B- \# z5 e
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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., G) D8 W* O2 t/ R, J
/ W: _2 a. `* r, `$ T4 F/ r' C6 O/ s b- AOil price rises to 2-year high above $58 US on supply slowdown
1 H: {6 B; x% l6 U: Z% _! dCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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