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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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9 @, `) k5 W, V; B"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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3 `: t! h% z( I* g7 Y( S* H0 q3 _Calgary to have Canada's fastest growing economy this year, Conference Board says8 T/ {3 o- T: B9 L) Z' l7 Q
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."& }* j, M8 ]9 n0 w" |; g/ g7 ^7 c
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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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& C" N5 \- L6 H3 R"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."" [; N3 `) n$ ?7 C0 m% t! o
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) ]! A V9 g3 P: _' f3 GThe "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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0 n: J9 v# }; [5 k0 D" AIt 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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# Z$ [7 q/ J. ?6 U"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.9 C) S% z" x" G6 W$ |6 ]: ~" L: L4 h
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Oil price rises to 2-year high above $58 US on supply slowdown
: G* v% a6 h, R( D3 [# LCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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