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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.! U @5 y; Z& K3 H7 H) l0 |8 F; h: p
9 T% y& j6 C) P) E"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.4 ]( G1 m% j" K/ S+ w8 [
, U: q9 q& U$ e0 j! E9 Q0 L' aCalgary to have Canada's fastest growing economy this year, Conference Board says4 C3 Z( c3 m% m
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.") R$ F: z/ }0 |3 a6 w* b+ K
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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.
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0 ^* B% H3 {4 m0 k, s/ c1 G"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& c. Z( o3 ^/ \, R7 [& ^
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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.+ t& Q3 @! \5 |
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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.9 \5 i& T& d4 q
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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.* G6 |, ^& G H i/ a \
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Oil price rises to 2-year high above $58 US on supply slowdown
5 a1 R1 H2 z5 I9 F* f9 c. tCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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