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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.! a; t( x7 t: P7 G% \
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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.
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3 X+ _* f9 c# T5 V- @9 JCalgary to have Canada's fastest growing economy this year, Conference Board says! @: D# f( T: q5 P. m( f' S9 i
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.", Q' `* C* I' V. Z3 }" c
5 |7 x: ^6 t! e1 ` G/ ~The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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8 u9 B" N: d" w) k"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.. @! i8 H3 m/ x, \4 B
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", _+ g( a& H& q5 [0 A1 C
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8 H; C5 o' i. VThe "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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"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./ `- j/ N$ Y9 U* i# N
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Oil price rises to 2-year high above $58 US on supply slowdown
) V7 l# T( H ]0 aCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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