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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.& {: D1 T* o& `* i) a
' w, F6 Z8 h9 ~' G& O: y! H"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
- i& H- k7 T% c( J) ~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."
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' C& n/ p5 Y8 M, m. I( ]& ZThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.0 b! n: C, W* w% ~; o7 \% t
* Z: O* u2 d" \, u% K q. z: q( B8 V"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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" |. U2 \6 l, q' h"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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/ k$ A ]% a" @, u) `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.; W& c# X/ C9 t, f9 ?& H
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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.9 |& a; F* a3 e1 w
3 H2 p/ y& S9 [6 p8 `3 t( H9 j1 @"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.% q5 h, T1 c2 M
4 |/ W7 q, F$ z5 AOil price rises to 2-year high above $58 US on supply slowdown
4 p/ `- o. w$ ~Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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