Released on September 20, 2024
Growth in province's retail trade ranks first in both month-over-month and year-over-year categories
According to data released today by Statistics Canada, Saskatchewan ranks first among the provinces for year-over-year growth in retail trade. Retail trade sales in the province increased by 6.3 per cent from July 2023 to July 2024 (seasonally adjusted), reaching $2.2 billion.
"The growth we are seeing in our retail sector is a vitally important leading economic indicator, which shows the current strength of Saskatchewan's economy and points to our continued leadership position in Canada," Minister of Trade and Export Development Jeremy Harrison said. "This growth is creating new opportunities for the people and families of our province. With the strongest job growth in the country, lowest rate of inflation, and record investment, Saskatchewan's strong and vibrant communities are well positioned now and into the future.
"Our government will continue to work alongside our industry partners and job creators to protect and promote the interests of Saskatchewan residents."
The value of retail trade in Saskatchewan increased by 3 per cent in July 2024 compared to June 2024 (seasonally adjusted), also ranking first in terms of percentage change among the provinces.
The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory, and selected census metropolitan areas from a sample of retailers.
Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers.
The province continues to see positive outcomes in several key economic areas, with Saskatchewan currently maintaining the lowest year-over-year rate of inflation according to the Consumer Price Index, at 1.1 per cent.
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.
Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.
The province has revealed "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 learn more, visit: investSK.ca.
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