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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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; J/ p1 L6 N! X# Z+ O8 m2 \"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 says
$ l, p1 o1 r* n- b$ y9 w6 lThe 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 C; D3 V- [! l6 Z
0 d# A% o) @" 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.( M3 w& H3 e5 h0 ^# h
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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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# p+ o* x5 P- `( r* Z7 Z( uThe "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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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.# k. C; d% Y/ ~2 g1 y
7 n ~+ }1 Y( K"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.4 t3 c$ L+ p$ X2 g$ m" F j3 G* a
' ^, F1 \; v; Z2 w. T7 t O+ P* gOil price rises to 2-year high above $58 US on supply slowdown
; H9 V6 g3 y. ?* S% s% T) mCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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