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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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& D2 M+ k3 I# v1 L% l"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.
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- ~# H" j) g2 ? S& p$ d7 F: H# |9 RCalgary to have Canada's fastest growing economy this year, Conference Board says
, R! T+ ^) ^+ {$ F& nThe 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."6 \/ v, g, A" G1 m3 {3 L! l
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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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3 G& F* S6 d, P# G8 B9 M$ W* A1 E; ^! z"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.0 m. c7 f% r+ K0 ?
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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.( B( G7 P+ A" g4 t3 v5 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./ r1 z7 d5 X9 J. @; U) Y
+ {) {: {' ]2 e, J& _' X; ]5 X7 mOil price rises to 2-year high above $58 US on supply slowdown
m. O7 z/ [" [6 q: w" H9 @$ m1 V+ uCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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