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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.& J1 W5 M1 \: ^* ?/ V8 d
$ y; _! P# |; R/ |8 F2 u* G3 E"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.7 Q. O* x2 w5 h) x& k* @2 A* k
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Calgary to have Canada's fastest growing economy this year, Conference Board says% q& J D: j- Y8 ~5 J
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."+ \- q# M( W+ D! s# y2 q
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ {/ Y. m# c% l: |! l5 u8 I
4 H' x4 {- e9 y* f% l$ o"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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5 P8 O9 F! E. S2 l+ @"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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; C( Y4 y% k8 |- I8 B: x F7 q+ s$ bThe "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.3 K1 C, ?# k! N4 q
9 U. p! L' ?5 e# J9 x% x! U"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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Oil price rises to 2-year high above $58 US on supply slowdown q4 l% [1 X3 _/ y% k/ F
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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