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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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P7 P+ I! d7 R"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.! v6 u% a! j' m% B
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Calgary to have Canada's fastest growing economy this year, Conference Board says
/ w) Z, N9 q I( G$ I( fThe 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."- ^4 r8 G h z, }
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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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% N E3 F: H- C A"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.% \9 N/ `1 O3 {( V
, Z% o$ P' I- |# u4 C"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."3 I( O0 o1 T' c. @& k
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3 Q+ Z8 P4 a" C; K8 P7 TThe "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.2 H5 v" V4 q) c; j! T3 x: i
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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.
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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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5 L9 t7 O9 r( L6 \# IOil price rises to 2-year high above $58 US on supply slowdown
) y3 l7 b. H4 o8 J; M1 s$ e" oCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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