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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.) q2 P; G' b9 a5 W8 M4 k
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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 says2 V* v5 F. l2 A& h$ Q& C
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."! d2 o, L; K5 X. S8 d' U
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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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x6 L1 t# T! u" \"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.3 \" V( _; ]' I
8 f7 p. f$ }! I& D Q"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.+ o$ T. [& B% S: Y' B! ]! Q+ z
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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.
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$ h& ?- k: V' T: U+ D0 H z' n4 ~. WOil price rises to 2-year high above $58 US on supply slowdown
! R' m b# {3 I7 Z5 \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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