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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 v9 m! u% H% J* A* z P
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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.( y4 d# o0 w1 R& z B f: ^3 Y/ U
. ~! _* n3 I7 n" R# NCalgary to have Canada's fastest growing economy this year, Conference Board says
) \2 y9 O* N4 b) Y0 h. R7 \' KThe 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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$ K: K; W' \1 z4 N0 wThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.+ n8 u+ |/ O3 \. B
8 l: Y+ H& d3 v6 L A9 l' w$ T4 {, B"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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' T8 h; R" o( J8 R( r% o8 o* g"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.": @* n; g" Q6 A* p- N
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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& x8 C0 n0 U% b$ mIt 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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! L2 E5 r% m2 y& X3 z" @6 ^' I7 h, x( Q"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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`) C. ~) A- S, j4 g+ \& `& rOil price rises to 2-year high above $58 US on supply slowdown
; u' G' y, H7 E$ n/ z0 B; oCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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