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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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* @, q/ Y8 w& {# {/ uCalgary to have Canada's fastest growing economy this year, Conference Board says4 r! U5 l2 O$ P1 z5 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."# x3 o, ?' R. U, h* R
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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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2 H& }# e0 p, c T"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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2 ^; Q3 c0 w' ~! h"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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H/ L: }' m0 I. U$ {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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6 B. X/ P: Z, \, Q8 `; L1 S"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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Oil price rises to 2-year high above $58 US on supply slowdown5 M# I6 s" k; _0 j( P% c( q# P
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