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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.( V7 [4 G+ U% [2 s. ~2 h
. G( [* M& t' _+ e {# b3 [& \"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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Calgary to have Canada's fastest growing economy this year, Conference Board says
* k* q0 L9 q' e( N' L2 E% UThe 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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/ Z* _: Y/ J/ y6 V5 o' pThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.$ M% f1 B' k" _6 C/ _# g( u, @
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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./ w) v/ }+ D+ ?1 g
4 C( h; h- y6 s6 r/ M: t2 e"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", A& u" q( t7 }
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/ V$ Z& C# B7 BThe "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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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.7 ~6 s5 z% g; Q3 r4 O% V% S
: j1 F: ?) m/ ~4 e"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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" T* t/ C2 @. g2 {$ z! GOil price rises to 2-year high above $58 US on supply slowdown6 F5 K7 d( r6 |/ H: Y8 Y) @
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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