Released on September 16, 2024
A Strong Economy is Leading to Better Quality of Life for all Residents
Today, with one of the fastest growing economies in Canada and a record high provincial population, the Government of Saskatchewan released a progress report on its 2019 Saskatchewan’s Growth Plan: The Next Decade of Growth.
“Guided by Saskatchewan’s Growth Plan, we are ensuring that our provincial economy remains strong and that our government continues to deliver on the real purpose of growth, which is to provide a better quality of life for the people of Saskatchewan," Trade and Export Development Minister Jeremy Harrison said. “Through investments in new hospitals, schools and measures to keep life affordable, our government is building strong families, strong communities and a better quality of life for Saskatchewan people. This report highlights the progress we have made on the key goals and initiatives found within the plan.”
Report highlights include:
Keeping Saskatchewan's Economy Competitive, and Growing Trade and Exports
The value of exports from Saskatchewan to markets around the world has skyrocketed. In 2023, the value of exports reached $49.3 billion, surpassing the goal of $46 billion by 2030.
Saskatchewan has also exceeded its goal to increase the number of international markets to which the province exports over $1 billion. Saskatchewan now has nine markets with over $1 billion in exports, up from five in 2019.
Leaders in the Agriculture Industry
The province exceeded its goal of reaching $20 billion in agri-foods exports in 2023, with the total export value reaching $20.2 billion.
Energy and Mineral Industry Powerhouse
The value of Saskatchewan potash sales hit a record $10.9 billion in 2022, surpassing the goal of achieving $9 billion by 2030.
Record Population Growth
With more than 1.23 million people now calling Saskatchewan home in 2024, the province is well on its way of achieving its goal of 1.4 million residents by 2030.
Agriculture Minister David Marit announced growth for the agriculture sector. The province’s innovative value-added agriculture sector is one of the fastest growing in Canada, with annual revenue that has more than doubled since 2012 from $3.5 billion to an estimated $7.5 billion in 2023. Saskatchewan is also on track to meet its goal of crushing 75 per cent of the canola we grow by 2030, based on major projects announced or already underway to expand our processing capacity.
“Agriculture is the backbone of Saskatchewan’s economy and is deeply integrated into the lives of people almost everywhere in the province," Marit said. "We are fortunate to be able to rely on our agriculture producers to help us meet our Growth Plan targets for 2030, because they are the best in the world at what they do—and in many ways doing it more sustainably than anyone else.”
Saskatchewan is also making great progress in the energy and resources sectors, specifically for uranium and forestry. The province is on track to meet its goal of $2 billion in uranium sales, with 2023 sales reaching $1.6 billion. Similarly, the goal of doubling the growth of Saskatchewan’s forestry sector is on track with 2023 sales reaching $1.2 billion.
“Through responsible regulation and effective policies, the Ministry of Energy and Resources continues to work with our mining, oil, gas and forestry partners to improve and grow our natural resource economy,” Energy and Resources Minister Jim Reiter said. “We continue to track positively for meeting our government’s 2030 Growth Plan Goals.”
The province leads the nation in many economic indicators that lead to higher quality of life for residents. Saskatchewan currently has the lowest rate of inflation in Canada, at 1.4 per cent and the lowest unemployment rate in Canada, at 5.4 per cent.
Saskatchewan’s labour market remains strong with record high employment – including the highest historical rate of off-reserve Indigenous employment. Over the last twelve months, Saskatchewan has added 19,200 jobs.
Statistics Canada's latest GDP numbers also indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6 per cent. This places Saskatchewan second in the nation for real GDP growth and above the national average of 1.2 per cent. Saskatchewan has successfully maintained its goal to keep its debt-to-economic growth GDP ratio within the top three in Canada, now the second-best in the nation.
Private capital investment is projected to reach $14.2 billion by end of 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.
Saskatchewan’s economic growth is supported by the province’s recently released Building the Workforce for a Growing Economy: The Saskatchewan Labour Market Strategy and Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy, in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.
To review the report, or to learn more about Saskatchewan’s Growth Plan: The Next Decade of Growth, visit: https://www.saskatchewan.ca/government/budget-planning-and-reporting/plan-for-growth.
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