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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.4 F! d& S" w3 d' ?0 L/ Y" ^
. ^* T4 n: P' [0 L$ B! T) n"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/ z8 ^/ R# c: |# w
The 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.": R: V! y: D5 L R, _; r9 p
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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/ U5 f* h1 y3 M: h7 l"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.5 w: N, |) _' m# H" U
' ]6 F( q) v7 O, }* D; u& H) B"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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1 h/ k+ q2 J1 y7 z# v. I( ]5 zThe "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.) a* p( X5 L0 O" b9 n2 E2 O L
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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.& ~: D: F# s, B7 O
4 p+ i# r( h; y- P/ t! h"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 slowdown6 |& ?% d; }1 e0 e
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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