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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.( g5 }, a m. [" B. Z
3 A5 T3 M, s5 d" G5 p/ v"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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) ]5 a6 d7 C0 vCalgary to have Canada's fastest growing economy this year, Conference Board says
. m7 ]; O; O* v8 Q! SThe 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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# V" ^. ^) J5 P6 K+ N) mThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.# w; E( I) q& ?
$ d, J' R* v$ z$ q6 O1 c"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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; E0 Z1 f& l2 \% D! P( [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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* G% e* m* d7 p8 S# |% @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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Oil price rises to 2-year high above $58 US on supply slowdown
1 c8 [" J3 r: w$ I. |5 w. \Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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