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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.. a: i) M# u+ |, [ Z) ^# D7 j
/ K1 B% t% L* d, W, v"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.# I/ E# v, h/ p! |+ r& L
+ R' q, N+ t# O* }6 p# e1 f: [Calgary to have Canada's fastest growing economy this year, Conference Board says
0 B$ X( c( d4 E! j9 P+ J- 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."
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' U' d: [5 C. N! D1 fThe 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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"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.
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0 D2 |; p+ Z* v4 _3 ^2 gIt 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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Oil price rises to 2-year high above $58 US on supply slowdown
4 A; `' {% v) L' A' ?4 e5 ], b( [! SCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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