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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.6 Q0 O* O: |% X7 z. U8 X
& w9 d& _* C. m Q" X"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.* o- ^ H& `: V* v' M8 a! }$ p' ~$ N$ ~
& T V- C8 j9 ~: MCalgary to have Canada's fastest growing economy this year, Conference Board says
& I' N: N! |0 IThe 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."$ B H8 ^7 g6 T7 w' c) i
7 Z$ H$ E$ W' L$ `7 T. j, AThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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5 \" r: ?; R; O, ~# m0 p# E/ _"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." V& b+ Z# N( q& w+ k+ Y
* ]- Q( V* M k"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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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.
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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." W) {, T6 P$ |% H
# d, }1 }* ^4 ~) f. Q& oOil price rises to 2-year high above $58 US on supply slowdown
( J3 x# r; q w9 @/ l* w+ B5 v8 T! i& {% ~Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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