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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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8 g" a+ ~# L. Y% X; ~( h"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.5 d1 m) g0 U' D+ W) q
% U% v: }, j' o! v0 P+ q7 a8 M. Z. RCalgary to have Canada's fastest growing economy this year, Conference Board says# u1 C$ k% K$ B* s2 g3 Q8 G
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."* f* n: X# q3 h0 `5 V6 t5 W4 F' x4 [" o
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., M, z' S9 e4 ^; V; I K
! h# {8 X- k( B1 n$ 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.
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."5 F o2 T7 c" d5 p
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* [: d2 n6 H2 j3 mThe "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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1 I5 s3 P+ A! oIt 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.0 N: F2 j: J* h4 y
6 U9 m: M. A% @( D2 X H" p# u5 {"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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5 P x& ]7 {: G' N h" u5 |/ BOil price rises to 2-year high above $58 US on supply slowdown/ S2 Z* Y, o9 u' c) N0 Z
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