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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.3 q% E( Z5 t% v0 z3 u9 j
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Calgary to have Canada's fastest growing economy this year, Conference Board says
2 t& r2 s8 _' P& r0 ?! p9 D4 P! o0 @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.": y! k4 d- ?5 V6 R# ` b. b( F
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.- V( L5 ^8 H) r
1 }; L$ O. }+ _"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.4 @* J1 F) B$ w6 m
- U; u5 z# n8 R4 [3 ^& K! h"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 i- I* B1 ^* t7 VIt 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.2 S5 s# Y, `/ x9 [+ }1 w
8 P( R2 p9 j/ I TOil price rises to 2-year high above $58 US on supply slowdown
; w' H- `5 V. d) gCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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