Major City Insights: Saskatoon—October 2022

Name: Major City Insights: Saskatoon—October 2022
SKU: 11850-0405-WEB
Price: 985.00 CAD
Availability: InStock

Canadian Economics

October 18, 2022

Metropolitan

8 min read

Author: The Conference Board of Canada

$985.00

While ongoing supply chain issues and other challenges sparked by the pandemic are still headaches, COVID-19 is no longer the biggest risk to the economies of most major cities across Canada. The main concern in the near term is the impact of stubbornly high inflation and rising interest rates. This edition of our Major City Insights provides new forecasts for growth in 13 major cities in Canada as of September 2, 2022. This publication focuses on the Saskatoon metropolitan area.

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Saskatoon’s real GDP growth is on track to outpace that of all other major cities in Canada this year, making up for several tough years.

The city’s economic growth had been flat since the commodity crash in 2014, and the impact of COVID-19 only made things worse. Real GDP was 4.7 per cent lower in 2020 than it had been in 2014.

Real GDP grew by an estimated 4.0 per cent last year, almost a full percentage point under Canada’s overall 4.9 per cent gain, as drought in the province dragged down growth in Saskatoon’s largest sector, primary and utilities.

The primary and utilities sector will be the largest contributor to GDP growth in 2022, with the boost in agricultural production augmented by a ramp-up of potash and uranium mining and an increase in output in the oil sector.

Overall, the city’s real GDP will grow by 7.2 per cent in 2022 and 3.9 per cent in 2023.