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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 H5 X- W3 c7 B6 }3 J" Z6 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." @7 L1 y4 M3 n9 n {+ g$ V
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Calgary to have Canada's fastest growing economy this year, Conference Board says
* \3 D+ D! h- F# S& f. sThe 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."" I7 `$ y* o* a8 M2 n% o
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 Z% b/ N2 q" o% k6 d
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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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"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./ _+ J8 g2 n; Y9 v
8 n2 m6 K: a+ _4 O) X& B4 T) yIt 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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: I7 d& o/ W! F+ h/ KOil price rises to 2-year high above $58 US on supply slowdown0 S F9 S* i& e" O" |; }" y
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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