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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.$ N f( p$ o- b1 K6 c. u$ P9 K( d$ o
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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." ]$ K. u X$ ?# V* f+ u( F
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Calgary to have Canada's fastest growing economy this year, Conference Board says4 ^: n0 J" \& F$ u8 p, s# G( d
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.". J$ S S% A+ c+ _# Y
! R1 s% M2 H3 `6 UThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 m2 x1 y6 P* J7 }- ^
- x' U' M2 b3 b0 Z/ F"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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0 ^6 {) `' d" u; Q2 p"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.
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+ `0 s. u$ B0 Z( @) {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.: r6 l3 l j/ X, P8 S
# X; s* E* n7 o( C& @$ r% {"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 $58 US on supply slowdown, i6 r, ]$ o, m6 F. U2 J* N
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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