All Territorial Economies Expected to See Real GDP Growth This Year

As the world looks beyond the pandemic, the next decade is expected to bring impressive economic expansion to Canada’s Territories.

Ottawa, June 28, 2021 – With communities beginning to reopen, there are reasons for optimism in Canada’s Territories as they emerge into a post-pandemic world. The Conference Board of Canada forecasts that all three territorial economies will see real GDP rebound strongly, collectively growing 12.3 per cent in 2021 and 3.1 per cent in 2022.  

As the world begins to recover, the demand for commodities produced in Nunavut, Northwest Territories and Yukon are expected to increase, which will create an impressive economic expansion over the next decade. 

“Strong vaccination rates, paired with new mining productions, large construction projects and an easing of on travel restrictions will bring growth opportunities to the territories,” said Liam Daly, Economist at The Conference Board of Canada. “While the pandemic will have some lingering effects across the country, all three Territories are expected to see strong economic rebounds over the next decade.” 

Among the territories, Yukon has the strongest outlook, thanks to a busy mining sector and a high-level of construction activity on the horizon. Nunavut is expected to see strong short-term growth, thanks to strong production from its four mines, and an additional mine opening in 2023. The closure of two diamond mines will limit the Northwest Territories’ economic growth over the next decade, however this will be partially offset by the opening of three new mines in the mid-2020s. 

To learn more about The Conference Board of Canada’s 20-year Territorial Outlook and insights, you can access the forecast here

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