In response to robust population growth, the provincial government is making huge capital investments this year, building on the 35% gain recorded in 2022. Industry-based GDP data pointed to growth in real GDP in Quebec of around 1.5% in the first quarter. This fits with our long-held view that consumption will hold up relatively well in La Belle Province this year as households benefit from a comparatively high savings buffer, more robust wage growth than average and relatively low debt levels. To order copies of The province says the surplus let the Any person or entities that rely on information obtained from the system does so at his or her own risk. Saskatchewan's seasonally adjusted unemployment rate was 4.9 per cent, the third lowest among the provinces, a decrease from 7.0 per cent in August 2021 and below the national average of 5.4 per cent. Profit from the additional features of your individual account. firms have taken their foot off the hiring accelerator so far this year (Chart 2). Saskatchewan also placed second among the provinces in month-over-month manufacturing sales growth, with an increase of 4.5 per cent, which was above the national average of a 0.9 per cent decrease. A report from the Conference Board of Canada projects Saskatchewan will lead the country in economic growth in 2022. Potash prices peaked in the spring of 2022 and have since been declining (Chart 1), but still-solid levels will contribute meaningfully to industry profitability. The data is highly valued by investors, businesses and governments. Wed argue that this trend could persist moving forward, given slower population growth relative to other parts of the country. Learn more about how Statista can support your business. Ultimately, we see consumer spending slowing well below-trend in the second half of this year and into 2024. Despite the impressive staying power of household spending across the regions, we still believe that the resilience is on borrowed time. (Lisa Schick/980 CJME) On Thursday, on the fifth anniversary of Scott Moes swearing in as premier, the Saskatchewan NDP totted up the ways it feels Saskatchewans economy is falling behind. The translation should not be considered exact, and may include incorrect or offensive language. The rise in streaming services means the time is right to attract new investment from the film and television industry to Saskatchewan. Find services and information for doing business in Saskatchewan. A number of pages on the Government of Saskatchewan's website have been professionally translated in French. Public account documents show high oil and potash prices as well as increased taxation revenue funnelled more cash into provincial coffers. This is a key factor behind our call for 2024 growth slowdowns across the country. Mill rates for the education portion of property taxes (EPT) are being adjusted slightly, including a decrease to the differential between the highest and lowest EPT mill rates, to improve overall fairness. Government of Saskatchewan is not responsible for any damage or issues that may possibly result from using translated website content. Saskatchewan ranked tenth among the provinces in terms of percentage growth for the Real GDP growth forecast: -4.2% last year, +3.4% this year, +3.2% next year, which puts the provincial economy on track to reach to its pre-pandemic, 2019 annual average in 2022. Population gains have been helping to sustain strength in both employment and the labour force, both running near the highest rate among provinces year-to-date. The largest change in any component of GDP is reported as a decline of 1.1 per cent in 2022. The views and opinions expressed may change at any time based on market or other conditions and may not come to pass. facts. Indeed, there has been signs of cooling in both job markets and consumer spending so far this year. The ideal entry-level account for individual users. A 60-year-old Winnipeg man has died after a storm caused a tree to fall onto his tent while he was sleeping, according to the RCMP. Saskatchewan A number of pages on the Government of Saskatchewan's website have been professionally translated in French. 2022 Alberta is also set to see major investment in petrochemical manufacturing, with construction of three major facilities set to begin over the next two years.". After reaching a record 3.7 million barrels per day last year, oil production in the province is slated to advance again in 2023. By carefully managing the provinces finances . In that environment, the pace of average wage gains are likely to slow. You only have access to basic statistics. This is despite rampant wildfires that likely put a dent in Mays energy production numbers. cooled off by rainy days, Police investigate suspicious death outside of Halifax, Ontario bans contractor after problems with North Bay-area dam project, Northerners try to stay cool amid blistering heat wave, Police searching for vehicle following serious crash near Kirkland Lake, A child is the victim of a fatal crash in St. Thomas, Project keeps rural long-term care residents closer to home. An Ontario cold case from 1975 has finally been cracked thanks to the use of genetic genealogy. This is a map of Canada showing the annual growth rates of real gross domestic product in each province and territory in2022. Toronto Star articles, please go to: www.TorontoStarReprints.com, Conversations are opinions of our readers and are subject to the, The Toronto Star and thestar.com, each property of Toronto Star A 40-year-old man has been charged in connection with a fire in Lake Louise, Alta., on Monday that caused more than 150 people to be evacuated from the Charleston Residence, a staff building for the Lake Louise Ski Resort. "We are seeing strong economic growth and job creation as we come out of the pandemic and as a result, the provincial's financial outlook has improved significantly. These translations are identified by a yellow box in the right or left rail that resembles the link below. The home page for French-language content on this site can be found at: Where an official translation is not available, Google Translate can be used. However, the outlook for international and interprovincial exports more generally is cloudier, particularly as U.S. and Canadian economies succumb to a cyclical downturn over the remainder of this year and next. On the other hand, Manitoba, Quebec and The The province also spent $422 million on $500-cheques it sent to residents dealing with inflationary pressures. A recent report from Saskatchewan's ombudsman says provincial Ministry of Education is unprepared to investigate complaints about registered independent schools. Real gross domestic product growth, Canada, provinces Even as prices for commodities have been moderating this year, fortunes in the sector are likely to remain healthy. The aggressive plan targets a return to pre-COVID levels in surgical wait times by the end of March 2025. A Calgary landlord says he's dealing with $100,000 in property damage and a group of squatters who refuse to leave a home he owns in the city's northeast. That year-over-year growth was the highest among all provinces. In the coming quarters, were expecting a further flattening in employment gains to collide with continued relatively brisk labour force growth, pulling up the provinces unemployment rate to 5.5% by late 2023. Over 90% of the provinces international exports are shipped south of the border, where the economy is expected to decelerate to near stall speed this year and into 2024. StatCan. Agricultural production is expected to increase this year after a blowout 2022 when crop output rebounded by around 50%. However, the resilience of Ontarios highly indebted households will soon be tested by elevated borrowing costs. Compared to Saskatchewans other goods-producing sectors, manufacturings share of total GDP ranked behind only the Urban housing starts in Saskatchewan increased by 35.6 per cent in August 2022 Whats more, the provincial economy appears set for a larger cyclical downswing this year and next relative to most other provinces. Despite the pullback, the mining sector remains a medium-term bright spot for Newfoundlands economy. Find services and information for Saskatchewan residents and visitors. On the mining front, lower prices for iron ore, nickel and copper will weigh on mineral shipments in 2023 (Chart 2). Interior Department officials meetings by sector 2017-2019, Number of pubs and bars in New Zealand 2013-2017, Canadian housing: rental vacancy rates in Saskatchewan 2000-2022, European real estate investment prospects in high street shops 2014-2017, Advertising spending in Denmark 2017, by industry sector, Primary industries of contact centers worldwide 2021, Find your information in our database containing over 20,000 reports, Mining, quarrying, and oil and gas extraction, Agriculture, forestry, fishing and hunting, Professional, scientific and technical services, Other services (except public administration), Administrative and support, waste management and remediation services. The Conference Board projects Alberta to be second in economic growth this year at 6.6 per cent. This budget includes an increase of $8.0 million, bringing the total funds available to $10 million, for the Creative Saskatchewan Production Grant Program, for film and television. It is for informational and educational purposes only as of the date of writing, and may not be appropriate for other purposes. A 32-year-old man from the Comox Valley has been arrested after Mounties say someone fired a shotgun in a Courtenay city park. Please create an employee account to be able to mark statistics as favorites. Immigration plays a vital role in supporting Saskatchewan's growing economy and labour demands. In Prince Edward Island, real GDP was up2.9%. and over 1Mio. Saskatchewan Real GDP growth A number of pages on the Government of Saskatchewan's website have been professionally translated in French. More than$680 million for operating and capital grants to post secondary institutions is included in this budget. A report from the Conference Board of Canada projects Saskatchewan will lead the country in economic growth in 2022. But high employment will keep Canadas economy moving forward. Moreover, households in Manitoba are relatively highly indebted, making spending behaviour in the province more vulnerable to our upgraded interest rate profile relative to the March forecast. This trend has reversed since 2021, and last year the province chalked up an increase in headcount of 2.7% (Chart 1). However, tight markets should ensure that prices remain on the upward track in the near-term. There is $3.2 billion for capital projects in the 2022-23 Budget, record investment in Saskatchewan. The Daily Gross domestic product by industry: Provinces and Unfortunately, oil production from the field will be put on hold once again, with updates on its status expected in early 2024. Find services and information for Saskatchewan residents and visitors. Provincial Economic Accounts The 2022-23 Budget also includes a $4.9 million increase to expand nurse training by 150 seats. Still, that pace is well below the national rate, providing a lesser impulse to domestic spending and leaving job markets the tightest in the country (Chart 2). The oil and gas sector is anticipated to play a major role in the provinces growth, however, there are mitigating factors that could constrain its potential. There are currently at least 80 wildfires burning in Ontario. Statista. These translations are identified by a yellow box in the right or left rail that resembles the link below. Net debt: expected to edge up from 19% of nominal GDP in FY22 to 20.1% by FY27a much lower trajectory than the prior forecast (chart 2). The translation should not be considered exact, and may include incorrect or offensive language.
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