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
- 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.
- 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.
- 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.
ABOUT CANADIAN MANUFACTURERS & EXPORTERS
Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and, compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies who account for an estimated 82 per cent of manufacturing output and 90 per cent of Canada’s exports.