SASKATCHEWAN SHOWS HIGHEST GDP GROWTH IN CANADA

The latest Gross Domestic Product (GDP) numbers for Canada place Saskatchewan as the top province in the nation for GDP growth. According to Statistics Canada, Saskatchewan had a 6.0 per cent increase from 2021 to 2022, ranking first among provinces and territories. The total dollar value of the province’s 2022 GDP is $76.7 billion.

“Saskatchewan’s economy is growing,” Trade and Export Development Minister Jeremy Harrison said. “Not only do our GDP numbers lead the nation, but they lead by an impressive margin, almost double that of many other provinces. We will continue to support the economic development of Saskatchewan as a way to build and protect our communities.”

The main driver of this growth is a 45.6 per cent increase in the agriculture sector. Mining, oil and gas extraction, accommodation and food services, construction and manufacturing were other key industries for the province.

GDP measures the value of goods and services produced within a prescribed geographic region over a specified period of time. Statistics Canada‚Äôs provincial economic accounts release is the final GDP indicator for 2022.

This announcement comes on the heels of several other strong economic indicators. Last week’s Labour Force Survey showed Saskatchewan has the lowest unemployment rate in Canada, with 19,300 new jobs year-over-year compared to October 2022. In September, the province saw a 14.8 per cent increase in year-over-year housing starts, record population growth, and huge investments including BHP’s 6.4 billion phase two expansion at its Jansen potash project.