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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.* V" J# q n; }+ K
& o0 K. S x* y" t! r"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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9 g/ S$ [ h( bCalgary to have Canada's fastest growing economy this year, Conference Board says8 K4 V- [# `! t
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.", g, y& l1 T- a0 V4 k6 N. ~% s
# y( G U f% f- f: NThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.2 N1 m7 a0 i( k( ^! `
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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." l' h$ m6 F. A
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."$ N% a2 p7 M$ O# M/ N
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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.8 U5 f5 U$ m7 @5 V: m$ Q
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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.2 U$ S: x4 A. I/ K5 e! r
/ }8 s9 X- X& h. l1 D. \8 d"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.3 v. A8 Q) b9 K( f7 z$ n
# \) ^: u; E9 TOil price rises to 2-year high above $58 US on supply slowdown* E1 ~% d& j, c0 a+ D
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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