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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.3 v" t) W6 Y6 [
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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.; I6 ~3 U$ j r
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Calgary to have Canada's fastest growing economy this year, Conference Board says
|! g9 |) J; p( a, QThe 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.". e9 z9 ^" b: `
& x( Y5 e/ c1 c5 \: l+ l& L4 XThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.+ [* {, x4 @0 K; D" p( ?
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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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."8 D' ?: p: i- l- z
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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.9 n5 |4 ~! i+ H1 G' T
0 X" Z1 u" b8 W0 h7 I0 aIt 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.7 A6 b% ^( B5 Q/ V
7 \& W6 P8 H6 w"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.- Q3 {1 r$ j6 K ~0 ^: j2 e
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Oil price rises to 2-year high above $58 US on supply slowdown
+ |. \3 U# {; R( q( dCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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