Saskatchewan Projected to Lead Canada in Economic Growth
Saskatchewan will lead Canada in economic growth in 2018 and 2019, according to the most recent RBC Economics Provincial Outlook. The report projects growth of 2.7 per cent for both years, compared to 1.9 per cent in 2018 and 1.6 per cent in 2019 for Canada.
“Saskatchewan’s economy has been resilient in the face of challenges in the resource sector,” Economy Minister Steven Bonk said. “We have made some tough decisions to place the province in a position of strength for the future, and we are pleased to see these decisions yielding positive results for our economy.”
The province’s economy will benefit from recovery in the energy sector, as well as rising investment spending and expected rebounds in the agricultural and mining sectors. The report notes key potash contracts secured in China and India as contributing factors to some of the growth. The growth in the mining sector is expected to have a positive effect on capital spending and the construction sector in Saskatchewan.
The RBC report also projects growth of 0.5 per cent in employment and a lower unemployment rate of 5.7 per cent for 2018.