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Released on November 14, 2008
There is good news on the economic front from Statistics Canada today, as manufacturing shipments and new vehicle sales for the month of September are up when compared to September of last year.
For September 2008, manufacturing shipments in the province totalled $1.04 billion, up 23.3 per cent, the second highest percentage increase in Canada on a seasonally unadjusted basis when compared with September 2007. Only Newfoundland and Labrador had a higher percentage increase at 45.2 per cent. On a national basis, manufacturing shipments were up only 8.2 per cent.
There was also an increase in new motor vehicle sales in September. New motor vehicle sales were up to 4,125 units, an increase of 14.3 per cent over last September (seasonally unadjusted). This was the third highest percentage increase in the nation, well ahead of the national increase of only 2.2 per cent.
"There is every reason to be optimistic about Saskatchewan's economy in spite of the struggles we see globally," Enterprise and Innovation Minister Lyle Stewart said. "Economic indicators continue to out-shine those in other jurisdictions, and lately the forecast reports have been positively glowing."
Yesterday, the Conference Board of Canada released its Provincial Outlook for Autumn 2008. The report indicates Saskatchewan is projected to have a 5.2 per cent increase in real GDP for 2008 and 3.6 per cent in 2009, the best performance in the nation for both years.
"When the Conference Board of Canada suggests our economy is in an enviable position of continuing this stellar economic growth, it adds to building the business and consumer confidence necessary for growth," Stewart said. "We are at a critical time in our history - and I believe the steps we have taken to reduce taxes and to reduce our debt are prudent measures that will contribute to our economic growth for a long time to come."
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For more information, contact:
Deb Young
Enterprise Saskatchewan
Regina
Phone: 306-798-0503
Email: Deb.Young@gov.sk.ca
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