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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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! V" \0 c/ M ^" U+ u( ]8 ^! X! S' aCalgary to have Canada's fastest growing economy this year, Conference Board says
+ t6 n/ D/ d1 J/ c2 o( \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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! g' g" U. ?% j2 Y8 L& iThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.5 P4 S3 s6 K+ x( m# q- k
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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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7 c9 h# e" X4 Q, R6 t"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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. P* Q) o! v9 o' A0 zThe "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.2 `3 O- k1 `1 y0 \1 H
( p2 r- H: S# wIt 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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% y* M( A1 a; L"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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