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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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5 u3 w: H% {' Z0 [$ B; C"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.1 b$ o% T/ A% ?& ]! L. [( J
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Calgary to have Canada's fastest growing economy this year, Conference Board says ?7 I7 @: Z; |% j+ r
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."0 y# g' T; ~0 o1 l5 ^
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ B* b: W. ~2 c3 R* c- ^2 s. L
$ W" }4 X9 S2 l7 M"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." u, l) r/ v1 U% i3 n3 v
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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.7 K4 e: D: W2 G" S: g
O! O4 n" K: t; |1 m2 m9 gIt 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./ [) `7 [& X7 n9 o
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Oil price rises to 2-year high above $58 US on supply slowdown+ \; z4 H$ G: |: W1 F& W6 f
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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