Saskatchewan GDP Reaches Record High
CANADA, May 1 - Released on May 1, 2024
Statistics Canada's latest Gross Domestic Product (GDP) numbers show Saskatchewan is tied for second in the nation for real GDP growth. According to the report, Saskatchewan had a 1.6 per cent increase from 2022 to 2023. This places Saskatchewan behind only Prince Edward Island, and above the national average of 1.2 per cent. The total dollar value of the province's 2023 GDP is $77.9 billion, which is a record high. The biggest driver of our economic growth was the construction industry, which grew by 13.6 per cent ($711.4 million).
"Saskatchewan has one of the fastest-growing economies in the nation with our GDP reaching a record high," Trade and Export Development Minister Jeremy Harrison said. "This record growth doesn't just happen. It's a reflection of a policy environment that has fostered and incentivized record investment and record exports. This translates to record job growth and opportunities for Saskatchewan residents."
GDP measures the value of goods and services produced within a prescribed geographic region over a specific period of time. In its November 2023 update, Statistics Canada rebased its real GDP calculations using 2017 as the new reference year, resulting in adjustments to all previously released real GDP figures.
Today's announcement builds on further encouraging news for the province on the economic front. The Saskatchewan Trade and Export Partnership recently released their State of Trade report which shows that Saskatchewan reached several export milestones in 2023. This includes agri-food exports totaling over $20.2 billion and agricultural equipment exports of nearly $835.0 million. Both figures represent record exports in their respective categories.
To spur further economic growth, the province also recently launched Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy, along with a new investSK.ca website. This brand-new strategy and website will be tools for attracting investment into Saskatchewan.
For more information, visit: InvestSK.ca.
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