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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.8 g9 M4 ]; y/ N! |3 h. I
4 O" O$ g# a/ L% ~9 v"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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U. x6 X' M. {7 d: V9 ZCalgary to have Canada's fastest growing economy this year, Conference Board says
' R _# p) o1 n6 M* M+ YThe 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.0 |2 H" ~0 z( r9 k7 p" T2 }
, E. G% l$ l) c5 W* D7 C"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.( E" o. i% N& ^4 H; f
|1 u- a' s8 x3 v: j"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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$ Z6 `1 L2 `/ I3 }5 L. S) QThe "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.- a1 Z- Q. R% c5 P8 P7 u. d
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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.
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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.8 _) q6 p2 E! \$ [/ k& ?
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Oil price rises to 2-year high above $58 US on supply slowdown
6 _ J% Z8 F- i% I9 sCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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