THE CONFERENCE BOARD OF CANADA
Solid 5.3 percent growth in GDP for territorial economies in 2019
However, long term economic growth will be more modest for Nunavut, Northwest Territories and Yukon
Ottawa, ON, July 09, 2019 (GLOBE NEWSWIRE) -- The combined economies of Nunavut, the Northwest Territories and Yukon’s real economic growth is forecast to average a solid 5.3 per cent in 2019 and 4.4 per cent in 2020. However, between 2021 and 2025, their combined economies will average only 1.5 per cent a year, in part because of the maturing of the mining industry and fewer new mine developments.
“Territorial economies are being positively impacted by new mines that are propelling growth in the next few years,” said Marie-Christine Bernard, Director, Provincial and Territorial Forecast. “However, some of the countervailing winds are the slower Canadian economy compounded by higher geopolitical risk (i.e. Brexit) and weaker growth in the global economy.”
Findings from the Territorial Outlook Economic Forecast (Summer 2019) report:
Nunavut – mining sector in good shape
Northwest Territories – challenging times
Yukon – weaker growth this year, but rebound expected in 2020
The Territorial Outlook provides the economic and fiscal outlook for each of Canada’s three Northern territories, including output by industry, labour markets, and demographics.
A copy of Territorial Outlook Economic Forecast is available, for editorial purposes, by contacting corpcomm@conferenceboard.ca or online here.. To cite this report: The Conference Board of Canada. Territorial Outlook Economic Forecast: Summer 2019.
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