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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.9 F5 Y r3 S9 o- ~7 q) z& ^( f
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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.$ _3 g9 [, V; F" U: D9 `( Z
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Calgary to have Canada's fastest growing economy this year, Conference Board says
/ k9 G D+ Q0 v& ~) PThe 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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% [ n5 U7 i. ?The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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0 T0 h) e8 p J/ h# R"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.1 G8 b N; j5 v Y; W
- }0 x* E* I% m2 K3 F"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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1 X# o' V9 \! u2 D3 }* ]) I( 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.
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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.% v& f( [) G. [" {( ^
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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.
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& J- I* Q' F! C0 ^6 r3 Z! OOil price rises to 2-year high above $58 US on supply slowdown
7 U, u+ R. e, HCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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