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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., Z& a; V b/ Q# A; [% N3 X
7 _0 R/ \% P+ x0 e6 T7 i9 q7 M"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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+ d. C9 q% E8 t3 lCalgary to have Canada's fastest growing economy this year, Conference Board says, t3 @" }- B, {/ k, H5 a9 ]8 n# M
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.
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( x, W; C9 J e7 _& `+ i' ?" O _9 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.) c v1 L* z8 t# b% N: M6 @+ \4 J. J
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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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. j$ `8 q K+ v S" y" }$ J; U7 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.
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3 |% \3 {) k- `" a D' [2 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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"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 l5 A% N5 K: q
. Y7 w9 z: ~6 e' Y; a- F! k* F3 [Oil price rises to 2-year high above $58 US on supply slowdown
3 K7 f& t; |0 O$ e9 b1 nCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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