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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.+ R4 c& s+ q) Q# ~7 ~
: g3 C8 l+ d. T"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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" h, p B5 a R. n2 q2 } R8 YCalgary to have Canada's fastest growing economy this year, Conference Board says
* l+ z% f( h; u2 {/ ?7 l4 ZThe 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."8 i8 i% J0 J3 N( J( D2 g9 A
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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.' S/ y0 n* M/ H& f( }* `
5 L; _) J* e5 E8 T; f1 B"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.0 q& j4 G3 d3 @) g
8 r! V j& a* y. Z"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.
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Oil price rises to 2-year high above $58 US on supply slowdown
! p1 Y4 Y1 v( D6 R7 I$ Y: X, ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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