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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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1 R% u V2 J: h% h* ^ X"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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) W# t4 `& Z+ G1 F- BCalgary to have Canada's fastest growing economy this year, Conference Board says$ X8 q6 F; U( E6 n1 h
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. [, ~& r3 t/ |, b$ _4 d
" K; ^9 q# B g4 e- a2 x"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.8 d- M+ f5 P, G3 t h
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."/ E, l7 _( Z! {+ q, L3 I, m
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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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7 F* U. H- N$ \8 I2 W2 q8 [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 _3 s' A. a% x0 @( p# s
$ `+ u# b& z2 p4 P/ J! S8 k"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.+ v* W3 D9 I, L- H# M' U+ \
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Oil price rises to 2-year high above $58 US on supply slowdown
' {1 p7 G U3 @* Y- ]* N: LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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