REGINA, Sask. — A widespread drought cause Saskatchewan’s agriculture sector to suffer last year, making that province the worst of all provinces in terms of gross domestic product (GDP) growth.
Saskatchewan’s GDP plummeted 1.9 per cent, the worst drop in the country, sounding alarms for economists studying the region.
"This is a recession. That’s what they mean by a recession, negative growth in GDP," Doug Elliott, statistician and publisher of the Sask. Trends Monitor, tells local media.
According to Statistics Canada, it was the first time the province’s GDP fell into the negatives since 1992, and it was mainly due to a 23 per cent drop in agricultural output.
The news wasn’t as bad across the country, however. Alberta saw 2.9 per cent growth, leading the way among provinces. The real head-turners, however, was the Northwest Territories, whose economy surged by 20.8 per cent, thanks to diamond mining and oil and gas development.
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News