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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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$ s' c4 U/ p# J' a. k* n! z$ h, F"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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8 e- v. d2 e# L* i, }) }( A( [( ICalgary to have Canada's fastest growing economy this year, Conference Board says
; f- g8 p% u3 r% U4 a" 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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# N. j, V$ l% X+ i& w! }6 FThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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" ]4 \* b: i# P2 m+ c"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. p& ? q: i* b) g. @
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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.. k- l8 C2 x+ q r
% \$ h% V2 d9 }- v. S/ c: n1 iIt 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.) i& `- W$ r+ J& O& `0 M+ R4 G
; u% p6 d$ X2 i7 T"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.$ s R0 K( _; N/ H9 k- I
. G) g6 c- @) R# x+ o6 G. @Oil price rises to 2-year high above $58 US on supply slowdown& k$ s$ S& w6 w. Y
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