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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.4 Q# C! I1 u) o3 @
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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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/ X0 k; j R' N$ ^Calgary to have Canada's fastest growing economy this year, Conference Board says
+ F$ t. R! u. u( 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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& I' H: {6 F$ j6 D"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.1 H7 Q- }- Q5 B: X
3 O% Q2 N# G, O' ^, ]"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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7 E- B* `& w5 i) t7 O/ l5 YThe "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.0 [; F$ E* R: X7 s
+ ]) D8 @8 W7 ?# s* r; |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.0 j# D! F; T, t3 `8 Y
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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., O" w1 X8 `# J, k( n/ W/ x8 o ^
9 V- U$ o1 d, A/ z" ^4 G4 }Oil price rises to 2-year high above $58 US on supply slowdown
/ ^% }# Z' Z# u" l* iCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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