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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.! \% }( v( Q) ?4 p: `1 T/ U
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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.1 V% _- I9 L }) Z }/ W( {) v; f
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Calgary to have Canada's fastest growing economy this year, Conference Board says
, l* C8 u9 ]9 QThe 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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# F( u/ c) K, KThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.2 l8 p, M; m+ g$ k2 a$ e" _
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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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- X- x5 w5 n- Q$ K% M/ I"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."- i; L( [9 Q" V7 J4 I3 W l( R0 ^$ h
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: u7 ~ l V& e# O0 g5 }$ l1 s% KThe "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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5 I9 R6 H3 _; y4 A8 v7 I( z gIt 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.# G% `+ F; H; _2 [4 {% @2 w* O" k
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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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Oil price rises to 2-year high above $58 US on supply slowdown
; s; U% R9 K' h: W! J. s$ ]Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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