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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., t1 z4 n$ n' p# I4 ?' M! q, R& _
l" w+ ~$ d U# d2 f/ c8 y M"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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. G$ h1 R) R& ], w/ w8 oCalgary to have Canada's fastest growing economy this year, Conference Board says
`& T3 A3 `7 L! v7 cThe 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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& T7 ~6 B& H, u! QThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.0 J# P1 c( _8 [9 ~: }6 D2 ?, z
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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.5 I+ [& z0 f" p( N1 K- Z
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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.
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4 @7 d2 F+ A0 _/ d3 wIt 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., C( A ?7 k% _4 P* W) Z8 t4 U
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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.; i, Z% U4 o: M4 |# d }: `
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Oil price rises to 2-year high above $58 US on supply slowdown
, R$ }/ ]0 U$ K, p8 `Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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