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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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Calgary to have Canada's fastest growing economy this year, Conference Board says
( }& F( H( {0 aThe 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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; ^, Z9 }( o+ c5 t! }The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.3 m# v8 a+ g% l
. f' y# @0 ^: M+ _* Z+ z: U/ O"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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. z0 G: v+ p6 o6 H i* n% U& H F% gThe "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.0 N3 p+ W( R7 k0 A( [# {( t* L
7 T% \8 K: \; e2 l5 g1 I) V4 xIt 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.8 C a6 P7 l- t/ c9 R/ J& o
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Oil price rises to 2-year high above $58 US on supply slowdown D: n, P6 I. y0 W8 B
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