Rising Gold Production Spurs Growth: Nunavut’s Outlook to 2045—March 2022
The Conference Board of Canada, 15 pages,
March 24, 2022
The 20-Year Territorial Outlook provides the economic and fiscal outlook for Nunavut, including output by industry, labour markets, and demographics.
- Emerging from the pandemic, Nunavut’s economic outlook is bright. Its economy grew an estimated 7.4 per cent in 2021 and is set to expand by 6.4 per cent in 2022.
- A new mining project will begin commercial production in the next few years, which, combined with rising production at another of Nunavut’s mines, will help support future economic growth.
- Planned infrastructure construction, including a new port, will improve access to remote regions, supporting natural resource development and creating economic opportunities for local communities.
- Nunavut’s unemployment rate is higher than the Canadian average, and that will remain a principal challenge in the years ahead. Reducing the skills mismatch that impedes access to employment for many residents is key.
- Nunavut’s relatively young population and a high fertility rate will support future labour force growth.
Table of Contents
A New Project Set to Go