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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 z$ X& D. j6 R& H# P1 H1 T6 {+ g
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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 says
) y ?( k, n- C# R) CThe 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.
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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.' Q+ L. W, F# K+ y" Y
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" U; {9 p3 ~7 v' U4 s; ~6 M) p( W
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: p7 Z6 {% ?" {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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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.0 P; Z. n: L" l& s
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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.# |+ h7 m6 U+ b! s& y6 ^" [. x
# I8 R6 S- x# v; {0 u6 W+ oOil price rises to 2-year high above $58 US on supply slowdown
4 j4 B& `; E0 h+ ZCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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