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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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+ I( k' Q3 ]# P9 R3 n3 OCalgary to have Canada's fastest growing economy this year, Conference Board says
+ w/ n" O- z1 |* l; SThe 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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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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e: \" w: Y* @0 u( l. c) N, U( F& m4 A- P"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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9 F0 L1 u+ \* P) Q4 H. Y6 J, rThe "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.3 M3 ~+ W8 l/ V1 A7 ] \+ g4 `/ @$ [6 G
/ d" Q2 S! [* \/ n. I8 B; _; D"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.9 J" V/ B1 [" d1 F+ V
, M. N; a6 ?" e) B# \! W) [Oil price rises to 2-year high above $58 US on supply slowdown" s& }' e# L; n# b
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