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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. M0 L, L% ^! A& B- s3 z5 X5 R
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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) D5 v+ M; t- Q9 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."
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.% y" _0 h0 q4 [
# m e6 C$ f7 a8 B( [! w"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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7 X+ B, ?, j/ K% u"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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.# a2 T6 c' G ~) O0 _
4 b' J2 h, U# d' iIt 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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( K" E: T7 W. ?3 ^. l"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. [3 F( {. e4 k# L& \, N
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Oil price rises to 2-year high above $58 US on supply slowdown
! x* P; J5 B, l( w; |2 b: ?Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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