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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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"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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" K: s) E* S6 G$ v; W& Y8 jCalgary to have Canada's fastest growing economy this year, Conference Board says% P! C2 ^; H5 z7 `$ O" L
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."* p8 w" q. G5 Y1 D' e; j
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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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/ q( R6 r& F/ E b9 Z8 V"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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& r0 \* |1 Y/ l7 y4 f- I. Q"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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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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"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.' X" @0 X& k! _6 E; P
, Z' Q/ u) n( v% L. X& COil price rises to 2-year high above $58 US on supply slowdown; \# \/ N6 ^# {9 H
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