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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.7 C! _/ x9 ~' y) _8 J2 R7 `+ v7 L
. ?, h4 |% b- h: h9 }! p3 oCalgary to have Canada's fastest growing economy this year, Conference Board says: `9 ?( x) O4 b0 R, U
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."
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8 v& P- l" [ l! @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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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5 x- h. k7 L6 v: g& L; T2 YThe "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.- V3 ~, p) O# D. K0 a0 f# d) i
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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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5 P% v0 v. n8 G1 m+ h- `; Q"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.; Z6 t+ U# V6 D, o9 @1 W
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Oil price rises to 2-year high above $58 US on supply slowdown
% s$ H( @4 }- v. j, L2 s$ ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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