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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.
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H) O; L5 A% J$ _4 R: i( p"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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7 \- `) T- Z: M! xCalgary to have Canada's fastest growing economy this year, Conference Board says0 N8 O; [0 k7 Q' X" Y- Q m
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.
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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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5 ~; \% K g# U2 ^0 A5 d0 Q- `$ r"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.
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6 X( Z- | s6 }! h0 o1 j2 c( p$ r7 LIt 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 ^! [6 C( [. s% m( ]
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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.! F. i2 p5 o' {( J
4 [3 S, }3 k1 Z3 E, T' I6 W. f5 j/ COil price rises to 2-year high above $58 US on supply slowdown
; P- b1 l2 L' q2 u! m( }Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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