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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. h* @/ l' O% j0 b
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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.# ^7 m/ e y2 ?4 X8 f4 ]& u
5 J# b/ Y& ^! B8 _" gCalgary to have Canada's fastest growing economy this year, Conference Board says4 N: _! W: R& f# }# C, n/ S+ G7 L
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.# X! b+ C8 a/ @1 K- ^
( ~* b; N! a$ h* P4 f$ {8 g"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' T: V- H6 F3 o
/ i# x" y. \* ] i: Q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! K& I& |" d/ @$ X' r# E/ l
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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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% q, K, t- G. q1 ^1 |2 e8 BIt 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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8 l' O: r7 E/ r/ L$ l8 Q"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
( g0 j% D: b- q+ c7 t8 ECalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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