Saskatchewan ranks first in economic growth
May 2, 2023 By Government of Saskatchewan
Saskatchewan is once again leading the nation in one of Canada’s key indicators of economic growth. Statistics Canada has released the 2022 Real Gross Domestic Product report, showing Saskatchewan with an increase of 5.7 per cent from 2021, ranking first among the provinces.
In 2022, the agriculture, forestry, fishing and hunting industry increased by 45.6 per cent from 2021, the highest percentage change among Saskatchewan industries.
“Saskatchewan’s economy has been leading the country for many months and it’s no surprise that our economic growth led the nation for 2022,” Premier Scott Moe said. “Combined with significant private sector investment, it is clear Saskatchewan has the food, fuel and fertilizer the world wants and needs, which is translating into good jobs and growth that works for everyone.”
Every province and territory except Newfoundland and Labrador saw economic growth in 2022. Most jurisdictions saw a deceleration from the pandemic recovery-fueled growth observed in 2021 with the exception of Saskatchewan, Manitoba and Alberta, which all had higher growth than the previous year.
In the last couple of months, Saskatchewan saw a 53 per cent increase in housing starts in March 2023 compared to March 2022, wholesale trade increased by more than 30 per cent in February 2023 compared to February 2022, and merchandise exports were up by nearly 44 per cent for the first two months of 2023 compared to the same period in 2022. On the labour force front, 9,500 new jobs were created in March 2023 compared to March 2022, an increase of 1.7 per cent.
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