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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." d g( U9 X! C4 t' k G% O/ k! p4 h
3 Y( L. f: {2 b1 p0 l1 s4 xCalgary to have Canada's fastest growing economy this year, Conference Board says
8 C4 R5 ~4 G n& HThe 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.". Q+ O0 }, g' L" f B( R* |/ x5 z1 V
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., \) x8 r: b/ K2 y+ f
% V" J- p- B+ |: ?$ P4 I"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." v) o! p% N- n5 {# y* n
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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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C, o: K9 R0 C! Y& 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." p' a5 x! [: ~. r# ?# j3 M
( d: T4 X1 w7 D0 `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.( y' m9 g$ N$ t5 E8 g
, j9 v- y) w0 k# ?" `: c; C"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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