The economies of Yukon and Nunavut are set to outperform the rest of Canada according to the Conference Board of Canada.
It says that new developments in the mining industry will propel the two regions to pole growth positions in the coming years with economic growth in the territories forecast to average 4.7% in 2019 and 4.5% in 2020, easily outpacing the forecast Canadian average of below 2% growth.
“While the mining sector has been more cautious in this upswing cycle than in the past, there are still several mining projects that are advancing through the approval process and will bolster economic growth and employment opportunities in the northern territories over the next few years,” said Marie-Christine Bernard, Director, Provincial and Territorial Forecast, The Conference Board of Canada.
Yukon and Nunavut will see an average 4.6% growth in 2018 with Yukon’s economy set for a 6.2% surge in 2019.
However, the Northern Territories are not going to grow, with a forecast of contraction of 1.6% annually between now and 2025. This is due to tepid growth for the diamond mining sector weakening other sectors including service-based industries where growth is expected to be flat.
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