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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.: H, h z1 k, F4 y* C( M, P
1 `/ Q+ O4 y5 p! l0 m; ^+ w& VCalgary to have Canada's fastest growing economy this year, Conference Board says/ ~3 i( `8 N6 p
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.. p- _7 w7 t; Y0 N0 [% U
4 |: R+ j6 D6 a* a1 g& e& u& n"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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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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1 I) L& Y k4 ^/ |"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 ^* |6 ^8 d) J/ f1 K! |
$ j3 c, f1 x3 b0 \Oil price rises to 2-year high above $58 US on supply slowdown
0 b1 C% Z/ W/ M7 N0 j: R6 r; HCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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