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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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* q: `3 @5 T; ?% e4 g0 D- c"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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4 S4 \; }; R7 ]3 l% lCalgary to have Canada's fastest growing economy this year, Conference Board says
6 V, q6 N K; A7 u. |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.7 K% b" K- l7 j B9 u! C f
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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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; J( L( I j& ~3 |# r' }/ g, e- `, ["With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."1 o) B ^: Q% M, \7 `
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4 c( ]( S# @* G# YThe "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., _ I$ \. c0 z% V3 S# ^# G- p; t2 P
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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.8 Y3 Y9 G8 T4 Z8 `
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Oil price rises to 2-year high above $58 US on supply slowdown
5 }+ d B) }5 YCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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