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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.3 a- g7 B) d7 p9 O) n! k$ F
! U5 I- q8 I% g! y( [* t& q"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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* ^$ ^$ Q7 A+ w3 d+ c" |Calgary to have Canada's fastest growing economy this year, Conference Board says
) N, V7 {$ z! k- f2 N" O+ G, wThe 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! B# y9 o; t. aThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 D/ V( s5 T5 P0 Z! ?5 z% [
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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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U. X6 z8 ~2 x- Q"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."% Z! g @' G5 k# _/ Y# ? Y
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' K6 Y! I1 T: b3 V6 U- c$ NThe "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.# h1 L2 w3 S& H; j6 Z- h# f
" F+ T' n+ n( U v2 x0 G! ~/ j* cIt 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.
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9 t5 ~! k5 Q- O0 QOil price rises to 2-year high above $58 US on supply slowdown
% R; W# G" B l' M' e. k4 q# {5 gCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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