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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.5 f) @3 f* M3 V1 }$ P# k2 a
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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/ s" Z% K' E5 u" Z
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Calgary to have Canada's fastest growing economy this year, Conference Board says6 s8 t( {8 S2 U9 W- p# t, {
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."! [8 S2 p& X" X% M7 S4 j! ~
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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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"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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3 z. y% E6 f$ V( x: w% v6 W. e"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.") ? c( q* ~6 Y0 f5 W' E7 x
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The "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.- P; C9 c7 K; O1 R
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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.
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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.$ g8 f0 @ p$ _/ c6 N
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Oil price rises to 2-year high above $58 US on supply slowdown# |/ v% {7 M) C
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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