The map of Canada changed in 1999 with the formal establishment of Nunavut. This report provides an overview of the Nunavut economy and assesses the key factors that will influence its future growth.
Document Highlights
The Government of Nunavut, Nunavut Tunngavik Inc., and Indian and Northern Affairs Canada share a common commitment to the sustainable development of Nunavut. To this end, The Conference Board of Canada was contracted to undertake an economic outlook of Canada’s newest Territory and identify structural issues that must be addressed to support future growth.
Nunavut has a mixed economy involving both subsistence and wage based economic activities that are important to Nunavut’s socio-economic development. Nunavut’s economy is highly dependent on the government sector. Nunavut has limited physical infrastructure to support economic development and citizens of Nunavut trail the national average on many socio-economic indicators such as level of education and income per capita.
The Conference Board of Canada has forecasted Nunavut’s wage economy to expand by an average of 2.42 per cent compounded annually from 1999 to 2020. Mining, tourism and fishing offer the largest long-term potential.
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