The 20-Year Territorial Outlook provides the economic and fiscal outlook for Nunavut, including output by industry, labour markets, and demographics.
Document Highlights
Emerging from the pandemic, Nunavut’s economic outlook is bright. Its economy grew an estimated 7.4 per cent in 2021 and is set to expand by 6.4 per cent in 2022.
A new mining project will begin commercial production in the next few years, which, combined with rising production at another of Nunavut’s mines, will help support future economic growth.
Planned infrastructure construction, including a new port, will improve access to remote regions, supporting natural resource development and creating economic opportunities for local communities.
Nunavut’s unemployment rate is higher than the Canadian average, and that will remain a principal challenge in the years ahead. Reducing the skills mismatch that impedes access to employment for many residents is key.
Nunavut’s relatively young population and a high fertility rate will support future labour force growth.
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