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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.$ J8 K: T! X, v2 d3 _
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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.
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6 E$ Y2 W( o: Y# m$ N7 FCalgary to have Canada's fastest growing economy this year, Conference Board says3 f- ^ c3 n; L7 W/ M2 Y7 q% E
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."$ h6 d. l& e. v" U
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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.- c1 F) X; W4 i/ g0 { Y3 G
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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.* o$ @9 s- n5 h. u. J) m: m) S
1 ^: K) S) f, P# J) G8 t+ yIt 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./ P- }+ l% `- z2 u/ [& b
% z$ ]: T# L/ M& _; `( i/ t( g"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.1 l6 O: n8 Z# t0 b
8 y4 F6 M) F7 h5 p B6 E6 \Oil price rises to 2-year high above $58 US on supply slowdown
. P1 ]. x# x2 E; p- Z2 @Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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