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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." L4 g' x) ]" k% m6 ^( ]
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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.0 D8 S5 \' d+ }# u$ b
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Calgary to have Canada's fastest growing economy this year, Conference Board says
+ E* r6 Z9 V8 b- c7 S$ W3 BThe 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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" x" e: f+ P' E! r y4 YThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that." i6 W X; o* d4 p
( U& U% ^+ |7 I' m"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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( l. l3 M" j( l+ S0 R8 iThe "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.5 P6 I% P5 f+ r1 k7 U
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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.9 @7 L' r+ X- f+ c4 V% _
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Oil price rises to 2-year high above $58 US on supply slowdown
+ B- U' T, z. W+ [) a1 GCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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