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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.' x% t; j7 H+ r) L5 P) p+ a% ? D
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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says
# K+ J8 \6 w2 o/ k" hThe 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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. b9 S: X3 `. p$ z$ cThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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( i( p3 D% b- k1 Z B4 u; Y* u"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.; f6 U) B' y7 }, Q; s8 u* a5 A
( g; {4 W6 _& {! Y/ k$ M"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.". z5 y4 u3 S7 i8 j% L
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+ ]. R7 C% A% Z9 \ EThe "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.. m8 q/ O7 W" f" P- ]5 K
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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.0 c% w! g% o: ]) f) l+ g, q; H# n8 l
9 ~9 N# R5 Y0 m" `" H; `) \, z"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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$ D8 V6 w. z. ?4 V tOil price rises to 2-year high above $58 US on supply slowdown2 o4 Q6 |; p1 v& ?
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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