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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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8 x- z/ J+ q; ]4 k, h3 n) `"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
0 w" [5 R2 C# S9 ?# U2 B) _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."6 m) ]5 w3 _/ m6 X! _
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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.% ^& [7 h" M9 j% Z
) O U+ v% M3 e" o" d8 G"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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% W0 `" g7 ~9 R7 D: t6 C/ g"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.7 E: h+ P3 Q! w5 I0 E
8 H+ L: ^1 d7 {( {' ]6 |Oil price rises to 2-year high above $58 US on supply slowdown0 m' }7 V9 C3 S' u
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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