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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.# R K# a( E- l3 c; d$ L
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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 Y3 v7 s' e. W% N3 ~. w# O0 K
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Calgary to have Canada's fastest growing economy this year, Conference Board says w2 u2 I" a7 e! d7 U7 @
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."+ r4 D2 X+ w3 }
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.6 m) a! R- ^3 ^
3 R# a9 |$ Y2 G1 o ~+ |, l"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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' C5 t0 O5 C& v8 q* _"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."! t3 i V6 f- C# n: t. \
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* r, Y* K0 `" e# Y6 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.) d) h( b# |" J2 l
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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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"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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^* P& \' u' yOil price rises to 2-year high above $58 US on supply slowdown
" z% S7 C' T+ I$ o! sCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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