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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.; p |/ o& }3 G5 w- x
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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.
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Calgary to have Canada's fastest growing economy this year, Conference Board says
$ |( T, V3 S _. T# 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."% R) w! d" W q( `$ ] ]) K
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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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2 B% D) y9 k, Q% G# {"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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/ l3 Z. r5 d; q$ Q3 lThe "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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& g+ y T6 `/ v qIt 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.
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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.6 c) ^ V# \2 z* K1 G
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Oil price rises to 2-year high above $58 US on supply slowdown
3 x; h! \+ [7 Z; v8 D$ ^" w8 tCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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