Saskatchewan Leads Canada In GDP Growth
Larson, S 2011, ‘Saskatchewan Leads Canada in GDP Growth, The Star Phoenix, 25 November
Saskatchewan’s economic engine is humming along and will continue to do so into the foreseeable future, according to a report released by The Conference Board of Canada.
“The western provinces, and in particular Saskatchewan and Alberta, will do quite well,” said Marie-Christine Bernard, the Conference Board’s associate director of provincial forecasts.
The Conference Board’s Autumn 2011 Provincial Outlook Executive Summary reports Saskatchewan will lead the nation with a projected rise of 5.1 per cent in real gross domestic product (GDP) in 2011.
Economic growth is forecast to be 2.8 per cent in 2012 and rise to four per cent in 2013. In comparison, Alberta will see a rise of 3.1 per cent in 2011, 3.6 per cent in 2012 and 4.5 per cent in 2013.
The potash industry and energy sector continue to fuel the economy with steady expansion, the report said. Several large potash projects are on the horizon and oil and gas extraction is expected to increase by three per cent in both 2012 and 2013.
Agriculture is forecast to expand 7.3 per cent in 2011 as the spring floods were offset by excellent midsummer growing conditions, the report said.
“There is a lot of good things going on in Saskatchewan,” Bernard said.
“Saskatchewan has been doing quite well in terms of its domestic economy. We see demand is quite strong for retail sales, housing starts have been rising, there is strong wage growth and there is a lot of migration into the province,” she said.
Bernard said Saskatchewan is “somewhat isolated” from the economic problems plaguing Europe.
“There is lots of positive developments that makes us think the province will continue to grow quite strongly despite the turmoil.”
Unemployment will also decrease with the forecast rate being 4.9 per cent in 2011, 4.4 per cent in 2013 and 4.3 per cent in 2013.