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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.+ F" G1 j" P8 R+ W
$ ]/ @; L0 L& {: n# G% N1 v"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.- C' Q# ]1 P* _+ b2 D
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Calgary to have Canada's fastest growing economy this year, Conference Board says
: {/ e! ?8 X- S& i6 w8 M. f' dThe 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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& \7 s6 D6 V ~* WThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.. _. y! [; Z2 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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.": ^, t/ R Q. T* K L
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! o7 w/ A+ k, b7 GThe "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.3 L+ u. G% q# A; {5 t; N6 G8 O: O
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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.5 ~8 H# p/ r7 G% H
# d# K& g7 E( r+ I+ o"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.# B. g. I |, ?4 v9 H, ~% U$ c) g
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Oil price rises to 2-year high above $58 US on supply slowdown
0 b: {8 }$ t" e y0 UCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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