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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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"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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( y9 }- _2 H/ I* T- jCalgary to have Canada's fastest growing economy this year, Conference Board says$ q* W+ D+ K5 V/ i
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."5 v. @" A4 Z. n% [ W+ p$ B3 ^
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.) c$ @2 T x! X
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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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"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.5 [- S$ Q- d- B' f9 A( R
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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.$ J ~6 a; n/ h. n3 x* `
: R: w4 [- C0 n0 i/ `"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.* _- e4 b# S9 ~
/ G3 }- [4 o6 C; @5 {. aOil price rises to 2-year high above $58 US on supply slowdown
K& \ t4 z$ ^Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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