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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.6 [, [2 w7 ]% R9 b, d( H4 ?
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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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2 ?/ y' W8 V2 H1 V% k2 {; _' [Calgary to have Canada's fastest growing economy this year, Conference Board says+ s+ @0 d+ s0 W! D
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 Q$ |+ h M) V4 X
- s6 O: b/ v- U2 ?$ d- x7 N* `7 c* \The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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7 A* [* s( A% d0 f& A/ o7 a- H' |"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. i5 |1 Y* x" `% _
5 a/ |% o* x$ g1 Y& `& ~# u3 c"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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/ C! p( j7 `9 E: BThe "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.& h% O/ m/ i8 g2 h3 p: ]
' z0 U0 D+ m3 SIt 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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; x) ]% p( v# `) q9 p"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.# p# [4 |# Q' |+ S6 M; o
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Oil price rises to 2-year high above $58 US on supply slowdown
9 g" D, H( R2 J: d7 w% v- aCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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