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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., r9 p. v. G$ @
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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.! L* }& E0 b1 Z2 l9 ^
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Calgary to have Canada's fastest growing economy this year, Conference Board says
- z" ^! r, c# }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."! M8 R+ K3 |$ N- |' Q
2 y: d6 Y' F6 z- bThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.* R* ^* J& q) `
3 t: O8 ]7 w/ q& h1 }* v* j# \"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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% e4 d4 D4 F7 oThe "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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/ ^* C+ _1 k- t8 |& oIt 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.* b! t( {' a* D7 L0 X
v5 V7 H0 k* A/ V: R5 e"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.- c/ u" H v$ q9 K8 r; s4 j) P
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Oil price rises to 2-year high above $58 US on supply slowdown6 W. }8 ]$ L. l5 U/ H( `
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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