2023 – 2024 Saskatchewan Budget Highlights

Saskatchewan, March 22, 2023

Canadian Manufacturers & Exporters (CME) launched a summary of key provisions in the 2023-24 Saskatchewan Provincial Budget, including: A Provincial Economic Overview, Budget Highlights by Topic, and Ministry Business Plan Highlights.

PROVINCE ECONOMIC OVERVIEW

1. In 2022, Saskatchewan reached all-time highs in population, employment, value of exports, and nominal Gross Domestic Product (GDP).
   • Saskatchewan grew by more than 29,000 people.
   • Employment reached an all-time high in 2022, adding over 20,000 new full-time jobs.
2. Saskatchewan’s real GDP is expected to grow at 1.3 per cent in 2023 and nominal GDP is expected to grow by 0.8 per cent.
   • Over the medium-term, real GDP growth is expected to average 2.1 per cent annually and nominal GDP growth is expected to average 2.3 per cent annually.
3. Saskatchewan also had the second-highest growth among the provinces in international goods exports (+41.6 per cent) and investment in building construction (+26.1 per cent) in 2022.
   • Saskatchewan’s manufacturing sales (+27.6 per cent) and building permits (+22.0 per cent) had the third-highest growth among the provinces in 2022.
   • More than 80 major projects have been committed to by private companies in recent years for total investment of nearly $32 billion.
   • Non-residential investment, especially from the manufacturing and processing, and natural resource sectors, will be a key driver of growth over this period.