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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.: I8 a6 K* d( |% q7 B/ F) 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.5 T6 C$ @: B3 t0 `& `0 \ m& ^! m
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Calgary to have Canada's fastest growing economy this year, Conference Board says
' x. N) o8 \; I; VThe 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."0 q0 h% G4 t N, Z$ N
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.: s! w! a' ]# X, p! w5 @7 x
@; z! R: j6 h5 m$ c& y6 ?"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."
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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.
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; F- F4 P# E) Z, c+ |) Y$ ?: pIt 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.% E& m9 l+ j; [% g; L' v
: b. I1 [. L6 ]0 {( S$ q& |" S"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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Oil price rises to 2-year high above $58 US on supply slowdown
9 C( H4 g8 C, e S4 p5 p1 a5 QCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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