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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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, P: M7 y5 n& ]$ F7 _$ FCalgary to have Canada's fastest growing economy this year, Conference Board says) a3 _, A) E% K. `' W
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."* ~+ Z' i- t& }6 E7 T
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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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3 w! d6 n5 X* X0 s" ]( l7 c"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.+ u6 f: F) F0 C; g8 }
2 Y0 d+ p y i$ r2 J& v"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* w8 Q' Y+ I5 `# k& h$ G
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7 W' f2 C9 r. J! L$ [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 n ~# T: |. `4 HIt 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.$ t1 W: ] y8 l+ y: p
; M' m* A4 T* E* n& V! V4 \6 f: GOil price rises to 2-year high above $58 US on supply slowdown) E' z' a6 B0 y6 d; G
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