Saskatchewan Leads the Nation in Economic Growth
When it comes to one of the most important measures of economic growth in Canada, Saskatchewan once again leads the nation. Today, Insights Canada delivered the 2022 Genuine GDP report, showing Saskatchewan with an increment of 5.7 percent from 2021, positioning first among the territories.
The industry of agriculture, forestry, fishing, and hunting saw the highest percentage change among Saskatchewan’s industries in 2022, rising by 45.6% from 2021.
Premier Scott Moe stated, “It’s no surprise that our economic growth led the nation for 2022.” Saskatchewan’s economy has been leading the nation for many months. Joined with huge confidential area venture, it is clear Saskatchewan has the food, fuel and compost the world needs and needs, which is converting into steady employments and development that works for everybody.”
With the exception of Newfoundland and Labrador, the economy of all provinces and territories increased in 2022. With the exception of Saskatchewan, Manitoba, and Alberta, which all experienced higher growth than the previous year, the majority of jurisdictions experienced a slowdown from the pandemic recovery-fueled growth that was observed in 2021.
Saskatchewan saw a 53% increase in housing starts in March 2023 when compared to March 2022, a 30% increase in wholesale trade in February 2023 when compared to February 2022, and a 44% increase in merchandise exports for the first two months of 2023 when compared to the same period in 2022. On the front of the labor force, 9,500 new jobs were created in March 2023, up 1.7% from March 2022.