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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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2 @/ p2 w4 c- |: C E9 i6 d) j8 g! ]"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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4 h/ j+ c$ ~- P$ b8 P9 t1 XCalgary to have Canada's fastest growing economy this year, Conference Board says9 M- v3 x- h3 o b6 J5 G
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."5 U& g$ e- q7 x8 v' Y: G6 Y. M
9 I4 V- R! i# U1 ~The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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1 f. f( C; w% D& @8 b& L# E. W"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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/ t" Z2 ?* G1 ?2 C: V" L+ T"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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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., B2 E, S$ x i% C( A
6 u( J- L# w% b i& g7 d* ?0 x9 R8 OOil price rises to 2-year high above $58 US on supply slowdown. W* s" I5 V2 W
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