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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.8 \) I+ E1 P9 q9 R
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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.! m4 w4 C o9 e/ c) _6 ^
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Calgary to have Canada's fastest growing economy this year, Conference Board says! E' a/ e1 M! d% b: e
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."
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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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; _( k: f. a, W0 q+ {3 P"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."1 B a0 T9 } Z$ C+ b% j1 \: W0 T2 V
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e! X/ T& ~. L2 c2 JThe "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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: _8 ]- p/ I h+ 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.2 Q) c h5 g9 k: [* l) f. t) m5 ?1 k
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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.4 ^6 w: y4 L7 J( |/ ~
u+ S# L0 Z2 D3 M" ?& B |Oil price rises to 2-year high above $58 US on supply slowdown
) [3 Y% \+ l, G( XCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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