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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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& t, g4 \! ~$ o"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.. M; A8 ?" z7 i4 C( a I% u0 i9 K
( k: Q& K' O7 ]Calgary to have Canada's fastest growing economy this year, Conference Board says% d3 q- E" [* @7 B& `8 l% v9 e/ e
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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.4 J/ s1 V2 M% H
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"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.: ~5 c: o/ ~( W5 I# a% y
9 g* z' j" c( G( S" i"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", Z7 x# L$ V4 F$ U0 m: s
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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.$ s, m9 ~7 T5 D# G1 ?& K5 }
5 f; f; P- V& _) ]9 [, 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.. W t( X( X8 U
" Y6 f" B2 J7 K/ M/ Z/ d8 W1 d"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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