OTTAWA – The Conference Board of Canada has taken a look at how Canada’s economy is performing and says the Territories are the pack.
- Yukon’s per capital income is higher than that of the international leader, Norway, and second only to Alberta among Canadian provinces.
- Nunavut’s per capita income is high by Canadian standards, surpassing the Canadian average in 2010, 2011 and 2012.
- The Northwest Territories has the highest labour productivity level in Canada, and is second only to Norway among international peers.
“The economic outlook remains positive for the territories over the next few years. Yukon and Nunavut, in particular, have benefited from the development of mining industries in their territories,” said glen Hodgson, senior VP and chief economist. “Mining will be one of the most important economic drivers in Northern Canada in the years to come.”
But readers are reminded that mining is a cyclical industry. Demand and prices fluctuate sharply depending on global economic conditions. That in turn affects the ability to finance new development.
This is the first time territorial data has been included in the Conference Board’s look at how Canada’s economy is performing. Readers are encouraged to examine the How Canada Performs: Economy for both the provincial and territorial rankings by clicking here.