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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./ p+ b% W& [" Q$ ]( v( ^. P
& A+ u5 F$ |2 ~7 B"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.: m$ c7 s2 e. V* q. W0 z7 [9 r' D
/ t. @! j5 x4 {- e. ICalgary to have Canada's fastest growing economy this year, Conference Board says7 @: j" A1 }" u' h. f+ E0 ?) W/ L
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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! K% Y" I o6 N7 I; X; UThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ m9 [7 q' O6 U& Z
" G1 G8 o/ p* }( M! J9 O6 V5 J"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.$ R8 F! r: l8 H0 T3 Y, {
- b3 _' Q3 l% Q5 O5 [) ["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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: J. _. E4 h8 jIt 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.* O, |0 R0 p. j
( t8 m9 Q- h8 i1 _1 ^( A0 VOil price rises to 2-year high above $58 US on supply slowdown
' s, f& W6 w L* X) g" D9 zCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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