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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.$ m G" G6 [% K" `% u$ C4 J9 N, q0 O* A
( {# ^* I: ~5 t3 [+ U- T"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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: B# q5 `( ?. u) v+ Y" JCalgary to have Canada's fastest growing economy this year, Conference Board says+ {+ @' ? F. u# H7 S" n; Y
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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' c! f7 X2 y" ~7 N5 H5 \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.: z/ ^" Z5 |1 J% b. F( r
( m! |# e7 z" ~2 e. g: u"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."7 u! f# N: v p. O; K
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7 X q5 o `7 Q3 xThe "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.9 \2 R* o: w$ b- C0 ~
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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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/ D& d5 Q) |; U9 ^& o/ dOil price rises to 2-year high above $58 US on supply slowdown
& y' P! z" I8 `; x# a" fCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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