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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.
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2 @0 m- x0 j/ E1 Q5 Y# n"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.# }# H4 H6 d, y* q7 _5 p
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Calgary to have Canada's fastest growing economy this year, Conference Board says
0 v1 s [: J5 c8 hThe 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."( |8 ?' U! K* @0 k
& ?$ r3 |/ g1 r( q6 \) [The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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9 l& i6 Y! E3 u: D0 K: M- V& x"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."
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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.4 h( T" H; B. Q V% \8 T
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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.: m: E0 m( P" c
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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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! |' N v! F8 |0 r" J( \Oil price rises to 2-year high above $58 US on supply slowdown0 p( o* I9 n9 ^
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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