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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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* l9 p, t: I. @" V( k/ [/ l: B+ @; r"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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$ t& Q# G5 ~' ]Calgary to have Canada's fastest growing economy this year, Conference Board says
i0 Y9 M& f) GThe 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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8 s/ N$ q6 M6 @! R% WThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that./ H. W7 u4 B% P+ A8 T
$ C* F1 {, Y. R, z% C: u& b5 |"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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6 Y; T. h# q: J$ K' O"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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, ~4 j0 {- R X# w# q P5 I$ {/ wThe "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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' J3 |) X: f5 y; ]5 X. |( B% {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.* c0 R# w9 D0 F! {- Z% Z7 b0 I
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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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# L. [" @/ M- v( Y7 x9 tOil price rises to 2-year high above $58 US on supply slowdown
9 t0 n3 k$ o2 nCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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