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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.+ `' m: E6 `3 v' k( Q% I6 L/ X6 S/ V
+ w+ x- ^& p) h# X- G$ m"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.# q h2 }8 Z/ v5 C& z) Q1 z
# A6 V/ ~$ _6 W) Z }- d: FCalgary to have Canada's fastest growing economy this year, Conference Board says- ?6 v" P3 B' C) C. e. d0 Q% E J% s
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."" K7 \9 |5 U5 U- Q8 h1 `1 J
3 J4 a e; |1 v" W4 L3 B2 AThe 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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, d; A$ H- x( J- z"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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% @1 m( j8 p, RIt 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.! A+ |) e* \, Q* I! T
2 R4 [- S, i1 _$ p% }" Y8 XOil price rises to 2-year high above $58 US on supply slowdown8 D: [; j9 Q$ W' g5 S6 T3 {
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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