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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.5 n6 i p1 T% w2 I
4 t0 u5 c- \5 k( j: e"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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/ @) J2 I( L) F$ pCalgary to have Canada's fastest growing economy this year, Conference Board says
- f5 T, R) z, i& t- @" @" AThe 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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) X6 ?' F' P7 c2 y( {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.
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8 j, ^0 {$ C% m+ @"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."8 n u5 T: [5 N4 ]8 b
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; ~! u- e0 a" k" ^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.
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9 b: T+ q2 k4 t0 k9 g* @8 c"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.$ _/ e2 d# I1 H
5 A1 {$ r: y. J+ \0 W$ KOil price rises to 2-year high above $58 US on supply slowdown
- s% x2 g2 j+ T" X* ^6 _; LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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