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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.
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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./ E1 c) r' \5 O" A& F& F: a# B
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Calgary to have Canada's fastest growing economy this year, Conference Board says r; i, k1 A$ U$ [) s
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.5 @1 W% \1 U6 \" k) M4 t; D$ \
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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.0 @! V2 S8 q: |( W" t# O" U: i
/ W8 z* a: G, J; Q( s2 ?"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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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.
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9 T6 i% i/ @7 Q4 w& k4 U"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.5 J8 o4 r. b- L9 G! a) t& i! [/ G
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Oil price rises to 2-year high above $58 US on supply slowdown
$ Y) u! p( u" O$ H( l+ W3 Y8 }! ICalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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