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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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1 b5 {7 o$ b6 z# \"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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, n+ ~7 d' X/ H7 WCalgary to have Canada's fastest growing economy this year, Conference Board says
" \6 [% ~! s4 n4 V; L& |8 U% yThe 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."% ?" L5 l, B5 i* i" E; }& t6 U
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.# A+ s2 V. O) x9 G2 L4 w" G
6 p& y" T9 f1 \9 D6 g0 G"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.1 S% H2 \ s ^, Y9 z* ^
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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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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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5 d1 t u! Z( lIt 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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8 x6 V2 m9 {' t& f& c, B0 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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/ i2 }4 C O- T: B3 s ]6 B. SOil price rises to 2-year high above $58 US on supply slowdown6 i! Y, N; k4 c6 G- `, H
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