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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 D, p( o. n3 O' r2 Z" L"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.+ q9 u4 P8 k# S% e9 f( @& x
) T( }1 u$ j1 |% u) O! o8 u- H8 qCalgary to have Canada's fastest growing economy this year, Conference Board says
; T5 T: \% P: _% yThe 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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1 p6 p3 y0 g$ m/ E( t+ N" _The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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$ A4 q# J2 _, w# r! |# ^" b- @4 q"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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) H/ V) _/ w7 V( N5 U" eThe "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.3 x3 ?4 E7 H2 {$ Q) n2 e
9 J }7 q. \" t% XIt 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./ w. z' L4 @2 `( P+ L3 v0 k0 C0 ?' A
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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.4 P, C* N! V4 G: m3 r" ]
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Oil price rises to 2-year high above $58 US on supply slowdown" N: x3 N. {5 u6 r% w( Z
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