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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 H# q. l$ F2 V' D( K* e7 d"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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+ X& C% @3 ~1 \4 P! hCalgary to have Canada's fastest growing economy this year, Conference Board says) K+ t5 @. n0 M: z+ ?3 G; m
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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8 J) T9 @2 r- d1 QThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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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# m7 V" ?$ k. T7 g. h* V"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.", x2 q/ e9 I4 v& y7 E' @
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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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& U! o- `: T) S) V7 ^ C$ 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.. q* T! X8 @+ @6 J
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"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., \; |+ W8 k9 K: ^) F
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