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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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9 ]0 v5 q( z4 W2 D! t"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.2 m0 @' S) ^, G5 x4 \
* q9 _* q0 s' [' X$ x( @5 SCalgary to have Canada's fastest growing economy this year, Conference Board says
5 g* q( p' O& X, a. W: xThe 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.": ]* u8 @! C' ]0 H; D
1 d* t) G! }" y) H& bThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., j4 O! r9 w) O4 }1 w
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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.
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, V8 y9 K* o1 [9 w- ?3 Q) \"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."' W+ ^- K) C# U7 Z
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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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/ G) o- A; [& t# s/ H4 r8 y/ rIt 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., a+ }' a6 T, _: O
/ l( ]: p, Q8 w) T4 j"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.7 Z" [/ x; s" M
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Oil price rises to 2-year high above $58 US on supply slowdown2 o- M& [) ]; D. z! ? F
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