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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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7 e$ x1 p0 S7 y, H( N, K"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.4 o$ w8 g' K6 [ E: i' i4 D8 Q, y
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Calgary to have Canada's fastest growing economy this year, Conference Board says
1 T1 Q2 l; O3 Y8 Q1 o1 i: vThe 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.; v' ] C3 p, E' H N
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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.$ f/ U$ w' N# i' s7 i
! {' g2 a, B4 j7 u! w G2 }& m. ~"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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M) \+ e1 l" v3 t; xThe "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.1 T) |# z j" c( u
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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.% ~7 ^; N- c% p- c0 g; a
* k" d4 x, X! m0 {"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., {9 O0 n: j j# P
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Oil price rises to 2-year high above $58 US on supply slowdown
# _- S+ \6 ^ e: x$ ~- |Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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