Rising Gold Production Spurs Growth: Nunavut’s Outlook to 2045—March 2022

The Conference Board of Canada, 15 pages, March 24, 2022
Issue Briefing
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The 20-Year Territorial Outlook provides the economic and fiscal outlook for Nunavut, including output by industry, labour markets, and demographics.

Document Highlights

  • 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

Key Findings
Overview
A New Project Set to Go
Construction
Demographics
Labour Markets
Public Accounts
Methodology

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