The 20-Year Territorial Outlook provides the economic and fiscal outlook for the Northwest Territories, including output by industry, labour markets, and demographics.
Document Highlights
After falling in 2020, the Northwest Territories’ real GDP is projected to bounce back, growing by 14.2 per cent in 2021. However, GDP growth will average just 0.8 per cent annually over the long term.
Declining diamond production will dampen growth. Yet some of this loss will be offset by the addition of up to three new mines, expected for the middle of the current decade. The outlook for the construction industry is bright over the next few years. But it fades further ahead as mine-related construction projects reach completion. The region’s aging population will increase the demand for health care services, which will fuel employment growth in the non-commercial services sector.
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