The 20-Year Territorial Outlook provides the economic and fiscal outlook for Nunavut, including output by industry, labour markets, and demographics.
Document Highlights
Currently, Nunavut’s economy is performing well, although this momentum may dissipate over the long term. A high unemployment rate will remain a key challenge for the territory over the forecast period.
COVID-19 has compounded the pre-existing trend of falling exploration expenditures in Nunavut. This poses a risk to future mine openings and, by extension, economic growth. However, a combination of pent-up desire for exploration, high mineral prices, and the vast mineral potential of the territory may well drive increased expenditures in the coming years. A high fertility rate will support Nunavut’s population growth despite high levels of migration out of the territory.
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