Released on April 27, 2009
Statistics Canada today confirmed what most economic forecasters have been saying for months - that Saskatchewan had the fastest growing economy of all Canadian provinces in 2008.
The report shows that Saskatchewan's economy grew by 4.4 per cent in 2008, the highest in the nation, and well ahead of the national average of 0.5 per cent. In the west, Alberta decreased by 0.2 per cent, British Columbia was down by 0.3 per cent while Manitoba increased by 2.4 per cent. Only five provinces had economic growth in 2008.
"Our economy in 2008 out-paced other provinces with strong activity in the resource sector and in agriculture," Enterprise and Innovation Minister Lyle Stewart said. "We have made considerable investment in infrastructure and major personal tax cuts that will definitely set Saskatchewan apart from other provinces in the coming year."
For 2009, most major forecasters predict Saskatchewan will be the only province to post economic growth.
"Saskatchewan is not immune to the economic challenges faced globally, but we are in a great position to fend off the major declines experienced in much of Canada and stay on track over the coming year," Stewart said.
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For more information, contact:
Deb Young
Enterprise Saskatchewan
Regina
Phone: 306-798-0503
Email: Deb.Young@enterprisesask.ca