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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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2 Q: D' L4 {0 x+ h0 P* R6 z X"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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7 P; f2 h/ y6 {9 w6 x3 C" CCalgary to have Canada's fastest growing economy this year, Conference Board says
3 A; z5 D$ f+ JThe 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.* D9 @6 J% w7 i" j
! x9 h' ~7 J5 Y" ]/ E7 m"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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; a/ `+ n4 ?, `) T"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* I2 P9 {4 B1 l8 G
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4 d: p9 I7 k; AThe "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.
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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.
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Oil price rises to 2-year high above $58 US on supply slowdown& |' x- j0 e* T+ b7 f; A8 m
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