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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.* L( \' p: G: d
3 ^% L1 f6 z6 l- I. z"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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! Q( b" P# Z0 w5 j9 k) K m' BCalgary to have Canada's fastest growing economy this year, Conference Board says
( e" y2 C/ |; W/ G4 k$ JThe 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."; f/ Y4 j; P! N7 W, k0 }$ H
! Z- V" M& c2 b% [The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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- w7 T1 F; M8 B! ]& O3 [( ]& b"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.# Q2 c9 G9 O4 W7 q
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."2 _/ k( s$ ~8 ~" J$ [# y2 q9 s7 i
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. ^3 c! ^8 Z% k+ J" vThe "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.$ n2 ]7 `1 j. x+ B0 r
( b! k1 h' |' l% sIt 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) u( m& Y* s3 {8 r `: F
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