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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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: n s- s- f+ N, K" a"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.& k7 p$ D& |3 w8 K4 g: c
& Y5 C/ J6 {( J/ y; c# U& Q; jCalgary to have Canada's fastest growing economy this year, Conference Board says" h! Q/ [% J9 N: P5 X4 c$ k* r! D
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."6 c' ] k" R; U
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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; N% Q9 J3 l4 J5 a( f* A2 a"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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# g7 z( V4 I3 N3 G* }2 G3 R) \% F"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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4 }3 M+ f# P# T J5 BThe "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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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.
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& f( a% ^3 A3 C"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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Oil price rises to 2-year high above $58 US on supply slowdown* S0 D! q' p9 q$ }
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