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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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: W7 h5 ^! D& V. f$ s+ P: J& X"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.1 O% g; q) C- _2 G$ _6 T7 {! S' [
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Calgary to have Canada's fastest growing economy this year, Conference Board says
/ e/ \: K% `+ I4 KThe 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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& n. f' G* z jThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.1 Y% Z9 q4 N: n" U
! K4 C% G, N, u6 Z, {* @' W"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.+ @; |% v1 F0 P
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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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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.% a( J1 r3 j0 h8 D
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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.0 G0 R( O' _7 p4 k3 o( c5 T# L/ D
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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
8 n3 Q2 R8 a9 `, O# D, |; DCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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