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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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"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.. P$ Y" w/ k3 u' J$ W
+ a$ K4 T) j" GCalgary to have Canada's fastest growing economy this year, Conference Board says
' A$ y$ E' K1 @4 f( a1 o. IThe 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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* H6 r# v9 a/ p/ M& l/ IThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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3 P: C7 f$ k# B6 O- u"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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% s6 @2 o; E0 x"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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+ m; T) a% t7 d2 n7 hThe "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./ f K" E; m' D8 D, k
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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., j, p: k% n& R' @1 u) l% L
) f- I, J3 J) q5 }! s"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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4 w( z: ?6 \: w5 \( O: [4 lOil price rises to 2-year high above $58 US on supply slowdown, ]: ~ t7 m) F" l, V
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