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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.9 R: H( e; W% ?, @4 y4 @/ h3 A
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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- M# O- f- X8 u; j
% ]/ A1 i1 a6 @$ eCalgary to have Canada's fastest growing economy this year, Conference Board says
1 z& |9 [3 V* C p( D- P U5 k4 LThe 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."6 }* h: h$ M2 A$ C
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.# b/ C0 a' j+ W& A
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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.2 K$ `7 q+ \9 f7 E; E; c
% t$ R: r, x0 ^+ ]% B/ G"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."+ F' t% S; C' `. H
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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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) A( V* k3 y: j: p/ \% _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.! N, {' |. j1 b, X# R, h1 f! O" Z
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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. x+ ~& X, A) C, x$ g% N
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Oil price rises to 2-year high above $58 US on supply slowdown
7 ?( I) o& x( cCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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