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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.4 H$ P8 k- ?$ ]! r8 h9 z
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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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Calgary to have Canada's fastest growing economy this year, Conference Board says7 g, F' w5 {+ X5 q
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."5 i$ ]# ?" V5 l8 v& G
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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. t' S: N+ ^# M8 C* ^$ t$ [
@! N [6 G' `# Q: ~"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."6 d* {4 D; B' W3 v) c2 U) y
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, {/ z- V! ?6 E( ?' K8 KThe "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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3 z! G/ Y+ y6 U, g& w' _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.9 _; K2 ~+ D3 V) A7 V0 q6 l* `8 p
+ F8 o# P9 X0 k! f- g `0 I( E"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.$ v0 Y* a0 L0 `
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Oil price rises to 2-year high above $58 US on supply slowdown
4 L8 |5 b) y" C* K7 z9 q3 p+ rCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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