StatCan. Find services and information for Saskatchewan residents and visitors. This budget invests in our economy, it invests in health, education, important capital projects and it ensures our investments in those priorities are sustainable into the future.". Even with a modest correction over the past year, home prices in the province are still up over 60% compared to their pre-pandemic levels in Nova Scotia. November 8, 2022. We need your feedback to improve saskatchewan.ca. The report does not provide material information about the business and affairs of TD Bank Group and the members of TD Economics are not spokespersons for TD Bank Group with respect to its business and affairs. Saskatchewan Economy Back on Track with Growth in Trade and Saskatchewan "The deficit has been reduced by over $2.0 billion. Some files or items cannot be translated, including graphs, photos and other file formats such as portable document formats (PDFs). (Lisa Schick/980 CJME) On Thursday, on the fifth anniversary of Scott Moes swearing in as premier, the Saskatchewan NDP totted up the ways it feels Saskatchewans economy is falling behind. Google Translate is a free online language translation service that can translate text and web pages into different languages. Indeed, there has been signs of cooling in both job markets and consumer spending so far this year. Canada Forecasts Download Print Version Share this: Weve upgraded our 2023 real GDP growth forecasts from coast-to-coast by an average of 0.6 percentage Economic Reports and Statistics - Government of While some customers of businesses affected by Edmonton's new single-use item bylaw that mandates a 15-cent charge for paper bags find it 'inconvenient,' the city has no plans to change it so soon into its implementation. The rise in streaming services means the time is right to attract new investment from the film and television industry to Saskatchewan. statistic alerts) please log in with your personal account. Nominal retail spending in the first quarter slipped over 5% annualized (Chart 1), with an even deeper contraction posted in inflation-adjusted terms. Republication or distribution of this content is The actual outcome may be materially different. A 60-year-old Winnipeg man has died after a storm caused a tree to fall onto his tent while he was sleeping, according to the RCMP. The Government of Saskatchewan does not warrant the accuracy, reliability or timeliness of any information translated by this system. In April 2023, oil production in Saskatchewan decreased by 0.4% compared to April 2022. The recent narrowing in the price spread between WTI and Albertas benchmark WCS has provided secondary support to the oil sector. Saskatchewans housing market is holding up relatively well (Chart 2), as average home prices are down only about 3% from last years peak. Yet, public sector employment has dipped slightly so far this year, preventing a material upgrade. Google Translate is a free online language translation service that can translate text and web pages into different languages. The provincial government has announced that it could increase the level of immigrants accepted into the province to 60k from 50k. Chart. Find services and information for Saskatchewan residents and visitors. In that environment, the pace of average wage gains are likely to slow. In 2024, we think sales could gear back up, in tandem with falling rates. Saskatchewan's Economy Continues to Lead the Nation facts. Funding for child care and early learning is $309.6 million, including funding provided through the Federal-Provincial Early Years agreements. Any person or entities that rely on information obtained from the system does so at his or her own risk. Previous Monthly Statistical Reviews are available at the Publications Centre. It includes increases to hire and retain physicians, to hire and train more nurses, and to hire more paramedics to provide the best possible health care services for Saskatchewan people.". All rights reserved. Major projects include the redevelopment of healthcare facilities in Cape Breton Municipality and Halifax Regional Municipality as well as significant outlays for roadwork improvements. New Brunswick households sport the lowest average debt-to-GDP ratio versus provincial peers (Chart 2). Rapid recovery The Saskatchewan Value-Added Agriculture incentive has been enhanced, and record agri-food exports of $17.5 billion in 2021 show the province is on track to meeting its goals. Had the Bank of Canada not raised their policy rate, we may have taken our 2023 real GDP growth forecast even higher. The ideal entry-level account for individual users. A team of experts has classified a tornado that tore a path of destruction near Carstairs, Alta., on Canada Day an EF4. Saskatchewan also had the highest month-to-month growth from January 2022 to February 2022, with an increase of 9.5 per cent (seasonally adjusted). Saskatchewan Its outlook for the Saskatchewan economy will see GDP grow 7.9 per cent in 2022, largely driven by the energy sector and commodities. Some files or items cannot be translated, including graphs, photos and other file formats such as portable document formats (PDFs). As a result, affordability remains decent by historical standards, which should remain supportive to demand over the medium term. Growth in both Canadian home sales and average home prices surprised massively to the upside in the second quarter, largely on the backs of B.C. These continued tight conditions should ensure further price growth is in the cards moving forward, but a steep affordability deterioration should keep the rate of increase in check. WebMarch 2022 SASKATCHEWAN BUREAU OF STATISTICS Page 5 While each of these approaches offers a different perspective on GDP, in total value they are conceptually equal. By carefully managing the provinces finances . Software-based translations do not approach the fluency of a native speaker or possess the skill of a professional translator. Also, when stacked up against other provinces, Ontarios latest budget rolled out more modest support measures for households. The views and opinions expressed may change at any time based on market or other conditions and may not come to pass. Tax cuts for the two lowest income brackets imbedded in the latest budget will be another source of support for consumption over the forecast horizon. Several companies have either invested or plan to invest in the sector, particularly to leverage the provinces lithium supply, which is a critical component for batteries used in electric vehicles. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information The total value of wholesale trade in Saskatchewan in February 2022 was approximately $3.5 billion. Ultimately, we see consumer spending slowing well below-trend in the second half of this year and into 2024. The translation should not be considered exact, and may include incorrect or offensive language. Google Translate is a free online language translation service that can translate text and web pages into different languages. Get quick analyses with our professional research service. Investing in Capital to Build a Better Saskatchewan. Saskatchewan is set to lead the nation with a change of 5.6 percent in the GDP. Saskatchewan's seasonally adjusted unemployment rate was 4.9 per cent, the third lowest among the provinces, a decrease from 7.0 per cent in August 2021 and below the national average of 5.4 per cent. Provinces and territories, 2021) from May 2, 2022, as it gives the user Hurricane Fiona also damaged wharves, harbours and processing plants and as a result, exports of seafood products were down 15% year-to-date through April (Chart 2). However, the manufacturing outlook is less sanguine, as activity falls victim to a sharp slowdown in U.S. and Canadian demand in the second half of this year and into 2024. Markets remain relatively tight, and prices increased by much less in Saskatchewan relative to other jurisdictions during the pandemic. Saskatchewan is set to lead 2022 Despite solid economic growth in other parts of Canada and a spurt in U.S. domestic demand, export growth was modest in the first quarter, and we expect more of the same moving forward as the province deals with a slowdown in economic activity south of the border. Gross domestic product, 2021: An in-depth look at provincial and Then you can access your favorite statistics via the star in the header. Building construction should also be a drag on growth this year as it continues to fall from record 2021 levels. This budget includes $475,000 to create the Saskatchewan Indigenous Investment Finance Corporation. A number of pages on the Government of Saskatchewan's website have been professionally translated in French. and over 1Mio. Saskatchewan However, the completion of the Trans Mountain pipeline later this year will keep WCS prices well supported. A rising headcount has also provided the impetus for the provincial governments ambitious capital spending plan, where expenditures are seen climbing 6% (in nominal terms) this year after a 40% surge in 2022. Anyone can read Conversations, but to contribute, you should be a registered Torstar account holder. Source: CREA, CMHC, Statistics Canada, TD Economics. Between June 2022 and July 2022, the value of wholesale trade in Saskatchewan increased by 5.6 per cent, ranking second in terms of percentage change among the provinces and well above the national average of a 0.6 per cent decrease. Saskatchewans carbon tax numbers Drivers were asked to avoid a stretch of the Nanaimo Parkway northwest of downtown Nanaimo on Tuesday as fire crews battled multiple wildfires in the area. Saskatchewan Ministry of Education criticized for inadequate response to complaints, 'Medical issue' may have led to fiery Saskatoon crash, police say, Transforming Stroke Care Across Saskatchewan: A Coordinated Approach to Support People Living with Stroke, Sask. Help us improve, First Nations, Mtis and Northern Citizens, Agriculture, Natural Resources and Industry, COVID-19 Information for Businesses and Workers, Environmental Protection and Sustainability, First Nations, Mtis and Northern Community Businesses, Housing Development, Construction and Property Management, Cabinet, Ministries, Agencies and Other Governments, Educational Institutions and Child Care Facility Administration, Health Care Administration and Provider Resources, Legislation, Maps and Authenticating Notarized Documents, Budget 2022-23: Saskatchewan Economy and Budget Are Back On Track. A new report commissioned into the east-end REM line was officially released Tuesday, recommending new stations in Riviere-des-Prairies and connecting the path to Laval and Charlemagne, but with a hefty price tag. That year-over-year growth was the highest among all provinces. Saskatchewan Premier Scott Moe said the 2021-22 budget will focus on seeing the province through the COVID-19 pandemic and into economic recovery. A proposed two-storey storage facility in Richmond's Steveston neighbourhood is sparking outrage among nearby residents. For one, the economy is getting a tailwind from the solid momentum in hydroelectric production heading into this year, despite some cooling from the rip-roaring pace recorded in the latter part of last year. There is $12.5 million in new funding for 11 additional intensive care beds across the province, the first year of a three-year strategy to add 31 ICU beds to bring the total to 110 by 2024-25, up from the current 79. However, near-term prospects for Quebecs factory sector remain tepid in light of both sub-par domestic spending and slowing U.S. import demand. This budget also incudes a $1.5 million increase to support recruitment initiatives including the development of a settlement and relocation incentive program, to recruit 150 health care workers to Saskatchewan from the Philippines. A settlement between the City of Leduc and employees who claimed physical and sexual assault, harassment and bullying while on the job has been approved by an Edmonton judge. The province is making $175 million available to municipalities and Mtis settlements impacted by wildfires. This report is provided by TD Economics. Economic Growth Stagnating in Face of High Inflation Find how the Government of Saskatchewan governs and serves the province. More than$680 million for operating and capital grants to post secondary institutions is included in this budget. With the provinces households facing the highest average debt burdens in the country, the financial squeeze from the Bank of Canadas steady tightening campaign is becoming increasingly evident. "Saskatchewan's strong and growing economy is back on track," Trade and Export Development Minister Jeremy Harrison said. The translation should not be considered exact, and may include incorrect or offensive language. Our upgraded 2023 Manitoba growth forecast comes on the strength of a few factors. But while N&L has bucked the trend of provincial forecast upgrades, we still expect the region to be a middle-of-the-pack performer in 2023 before enjoying a more notable rebound in activity next year. Saskatchewan government to table 2021 If you do not yet have a Torstar account, you can create one now (it is free), Copyright owned or licensed by Toronto Star Newspapers Limited. The value of investment in building construction totalled $474 million in July 2022. In Newfoundland and Labrador, real GDP was down1.7%. Net debt: expected to edge up from 19% of nominal GDP in FY22 to 20.1% by FY27a much lower trajectory than the prior forecast (chart 2). Last year, Russias invasion of Ukraine sent commodity prices skyrocketing and boosted demand for the provinces key crops, potash and other resource-based exports. WebAnd while Saskatchewans real GDP is forecast to. There is also $3.5 million in this budget for physician recruitment and retention initiatives, particularly targeting family physicians working in rural areas of the province. This flags weaker production growth than we had anticipated earlier. The City of Regina's Executive Committee is looking to approve a motion to allow public consumption of alcohol in the city's public parks. Video captured several riders stuck on the 'Fireball' rollercoaster for hours in Crandon, Wis., while emergency crews worked to rescue them. The existing application of PST is being broadened to match the federal GST base for admissions and entertainment events. This is despite rampant wildfires that likely put a dent in Mays energy production numbers. Non-renewable resource revenue is projected to be $2.9 billion, up $1.6 billion from last year, largely due to higher potash and oil price forecasts because of expected global demand. If you have any questions about Google Translate, please visit: Google Translate FAQs. Saskatchewan's 27 school divisions will receive $1.99 billion in operating funding for the 2022 school year - a record level and an increase of $24.9 million over last year. Green arrows represent an increase, while red arrows represent a decrease. A report from the Conference Board of Canada projects Saskatchewan will lead the country in economic growth in 2022. Weaker prospects for the provinces important agricultural sector have prevented an even larger growth upgrade in Manitoba for this year. Population gains have been helping to sustain strength in both employment and the labour force, both running near the highest rate among provinces year-to-date. These gains appear unsustainable, and some cooldown appears to be in the cards in the coming quarters as excess labour demand eases in the face of past (and some forthcoming) tightening in monetary policy. The Economic Review has been in continuous publication since 1951. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. RBC Economist Robert Hogue says a reason for the growth in 2022 is because of the slower than expected economic recovery Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Research Expert covering consumer goods and retail, Profit from additional features with an Employee Account. On the mining front, lower prices for iron ore, nickel and copper will weigh on mineral shipments in 2023 (Chart 2). Saskatchewan the only Canadian economy to lose ground in 2021. "Starting in February 2022, parent child care fees were reduced by up to 50 per cent in licensed care. Production of the provinces key commodities is off to a sluggish start to 2023, bleeding into the growth outlook. Strong operating spending this year in governments recently released budget is another factor that should support solid growth this year. This budget includes $95.2 million to support the ongoing planning and construction of 15 new schools and the renovation of five existing schools, as well as $55.9 million for preventative and emergency maintenance. This is a key factor behind our call for 2024 growth slowdowns across the country. Saskatchewan GDP distribution, by industry in Canada 2021 - Statista 2023 Indeed, midway through the year, domestic spending has been a pillar of relative stability, counterbalancing headwinds from a softening external backdrop. This budget includes $156.6 million for health care capital, including $15.2 million for urgent care centres in Regina and Saskatoon, $13.5 million to continue construction at the Prince Albert Victoria Hospital, $6.0 million to continue the project to replace the Weyburn GeneralHospital, and $6.5 million to continue design and procurement activities for specialized and standard long-term care beds in Regina. While the provinces resource-heavy economy points to less sensitivity to the monetary tightening cycle, it is unlikely to be immune. In another section, they report the change in each GDP component. Released on March 23, 2022 The 2022-23 Budget supports Saskatchewan's resurgent economy through an ambitious plan to increase trade, attract The Government of Saskatchewan does not warrant the accuracy, reliability or timeliness of any information translated by this system. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. This is especially true given that prices also increased sharply in Q2, significantly weakening affordability. Longer-term, manufacturing prospects are brightened by the new EV battery plant in St Thomas, on which construction is slated to begin next year. As chart 1 shows, overall production is due for another contraction this year with White Rose and Hebron poised to produce fewer barrels due to scheduled maintenance. facts. The oil and gas sector is anticipated to play a major role in the provinces growth, however, there are mitigating factors that could constrain its potential. In 2022, Gross Domestic Product at basic prices in Saskatchewan increased by 5.7% from 2021, first in terms of percentage change among the provinces. However, the resilience of Ontarios highly indebted households will soon be tested by elevated borrowing costs. This budget helps make access to high-quality child care more affordable. Use Ask Statista Research Service, Population of Saskatchewan 2022, by age and sex, Number of deaths in Saskatchewan, Canada 2000-2022, GDP distribution of Saskatchewan, Canada 2021, by industry, Number of recent immigrants in Saskatchewan 2000-2022. New Brunswicks government has run surpluses for several years and the Provinces fiscal backdrop continues to be healthy. WebSaskatchewans m anufacturing GDP of $5.1 billion represented 2.7% of Canadas manufacturing GDP in 2021. This fits with our long-held view that consumption will hold up relatively well in La Belle Province this year as households benefit from a comparatively high savings buffer, more robust wage growth than average and relatively low debt levels. This budget includes an increase of $8.0 million, bringing the total funds available to $10 million, for the Creative Saskatchewan Production Grant Program, for film and television. Please create an employee account to be able to mark statistics as favorites. An additional $12 million provides for the purchase of relocatable classrooms. StatCan. It is the first year of a two-year program aimed at bringing 300 health care workers from the Philippines to Saskatchewan. Whats more, our internal TD spend data (which captures services as well as goods spending), corroborates the picture of relatively strong consumer spending so far this year in PEI. Household saving rate Canada 11.0% 2021 Exports of potato products have surged following the lifting of an American ban last year, while solid gains in seeding intentions augur for continued near-term momentum in crop shipments. We now see growth ranging from 1% in Quebec to 2.7% in Alberta. Find services and information for doing business in Saskatchewan. REGINA - Strong economic numbers and resource revenues is allowing Saskatchewan to post a $1 billion surplus budget for 2022-23. Toronto Star articles, please go to: www.TorontoStarReprints.com, Conversations are opinions of our readers and are subject to the, The Toronto Star and thestar.com, each property of Toronto Star In August 2022, Saskatchewan set a record high number of jobs for the month at 581,500 jobs, an increase of 12,300 jobs compared to August 2021. Agricultural production is expected to increase this year after a blowout 2022 when crop output rebounded by around 50%. We need your feedback to improve saskatchewan.ca. Saskatchewans economy had shrunk 0.3 per cent in 2021, almost entirely due to a devastating drought that limited output in the agricultural sector, however The Conference Board of Canada anticipates a significant recovery in 2022 with GDP volumes to grow 7.9 per cent. This is a big red flag. Job growth in the January-May period slowed to a more pedestrian 1.5% y/y, below the national pace. buys 25 modular homes for residents displaced by wildfires to rent, 'It's a shame': Summer businesses in N.B. The rate of gain this year will likely be subdued and does face some downside risk. A number of pages on the Government of Saskatchewan's website have been professionally translated in French. NDP Leader Jagmeet Singh says he's still 'cautiously optimistic' the federal government will call a public inquiry into foreign interference, while conversations about how best to address the issue are ongoing between the different parties. These translations are identified by a yellow box in the right or left rail that resembles the link below. Budget 2023 included $2.3 billion in inflation affordability measures to help combat rising living costs. Accessed July 05, 2023. https://www.statista.com/statistics/577554/gdp-of-saskatchewan-canada/, StatCan. Barring any major surprises, the improved net-debt-to GDP trajectory set to drop to 23.4% by FY 2025/26 would position New Brunswick as the jurisdiction with the lowest debt burden in the Atlantic region and one of the lowest among all provinces. -30- For more information, contact: Sam Sasse Immigration and Career Training Regina $6.5 million in new funding for an additional 117 continuing care aide positions. Most commodity prices are still expected to remain at or above their longer-term averages, supporting activity in commodity producing provinces. Whats more, exports surged to start the year (Chart 1), driven by U.S. demand, and a massive gain in motor vehicle shipments as improving auto supply chains supported higher production. Manufacturing sales grew 26.8 per cent in July 2022 compared to July 2021, the second highest increase among the provinces and above the national average of 19.1 per cent. Quebec provincial police say two bodies have been recovered near the site of a devastating landslide last weekend in the Saguenay-Lac-St-Jean region. New Brunswick has historically undershot national level population growth. The GDP estimate released today is based on source data that are incomplete or subject Software-based translations do not approach the fluency of a native speaker or possess the skill of a professional translator. Construction activity more broadly is poised to exert a drag on the economy as capital expenditure intentions point to a 6% contraction. The total value of wholesale trade in Saskatchewan in crews still working to restore power after weekend of wild storms, Sask. The Toronto-Dominion Bank and its affiliates and related entities that comprise the TD Bank Group are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered. Saskatchewan The data is highly valued by investors, businesses and governments. An increase in real GDP is viewed as asign thatan economy is growing. Businesses in New Brunswick that rely on sunny skies are trying to not get too down about the weather these days. WebAgriculture Sask. In the Northwest Territories, real GDP was up1.5%. Find services and information for doing business in Saskatchewan. Saskatchewan turned in the second weakest retail sales performance among the provinces in the first quarter, down 3.8% annualized, while job growth has decelerated from last years brisk clip. Show publisher information grow 3.4 per cent in 2021, a projected 4.2 per cent . For more information on Statistics Canada's release, "A record $6.8 billion includes funding for thousands of additional surgeries to bring down wait times. "This budget includes key investments in health care" Harpauer said. These companies and others are investing $13.6 billion into Saskatchewan with projects including a new potash mine, new and expanded canola crush facilities, a wheat based pulp plant, a renewable diesel facility, a lumber mill and others. The strategy advances the province's economic interests abroad. But high employment will keep Canadas economy moving forward. In concept, Saskatchewan Our economy is growing, with 30,000 new jobs created over the past year and the second highest rate of job growth in Canada so far in 2022. These translations are identified by a yellow box in the right or left rail that resembles the link below. In British Columbia, real GDP was up3.6%. These are based on certain assumptions and other factors, and are subject to inherent risks and uncertainties. Statista. Saskatchewan is once again a national leader in several key indicators of economic growth, with recent reports by Statistics Canada showing Saskatchewan led in investment in building construction, manufacturing sales and wholesale trade in July 2022. Net debt is now forecast to be $15.24 billion at the end of 2022-23, an improvement of
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