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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.# c! q7 J$ ?' ~+ x& \
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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.: i+ U! J8 A% C8 M# p9 p0 ?
# ^2 n# }2 v4 rCalgary to have Canada's fastest growing economy this year, Conference Board says5 J% B8 h+ v2 X4 l Y
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."& c8 Y* D, i6 X5 k
0 d# k* `, o5 b8 u0 JThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., I/ B X5 }( J) m* i7 Y7 u8 ^1 v
- I9 ~" c J+ m& y6 L# 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.
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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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4 r |& I* [2 z4 K' Z. SThe "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.8 y' h" M/ r8 o
( K8 J/ `$ k; {: w" fIt 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.$ M2 T; L8 n; B
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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.# Q, C/ b3 H5 M3 _
, ~+ b* V! P0 e; T9 V3 ~ {Oil price rises to 2-year high above $58 US on supply slowdown
/ b( l# R5 y4 \6 YCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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