Saskatchewan Shows Highest GDP Growth in Canada | News and Media

Posted on November 14, 2023

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

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

The main driver of this growth is a 45.6 percent increase in the agricultural 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 given geographic region during a specific time period. Statistics Canada's release of the provincial economic accounts is the final GDP indicator for 2022.

This announcement comes on the heels of several other strong economic indicators. Last week's Labor Force Survey showed that 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 increase percent in home construction year after year, a record. population growth and huge investments, including BHP's $6.4 billion second phase expansion of its Jansen potash project.

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For more information contact:

Leone Brander Trade and Export Development
regina
Phone: 306-526-9806
Email: leone.brander@gov.sk.ca