Nunavut led Canada in economic growth in 2018
Nunavut’s GDP rose by 10 per cent
In 2018, Nunavut’s rate of economic growth came in as the most robust in Canada, according to Statistics Canada.
The gross domestic product, or GDP—the total value of goods produced and services provided during one year—is a primary indicator used to gauge the health of an economy.
Overall, Nunavut is looking good: GDP increased in Canada’s 10 provinces and in all territories, but in Nunavut the growth was more than three times higher than Yukon’s, which showed a 2.8 per cent increase in growth, Statistics Canada said in a May 8 news release.
In Nunavut, the GDP increased by 10 per cent in 2018 following similar growth in 2017.
Construction, up by 47.5 per cent, and mining, up by 14.9 per cent, contributed the most to the growth.
Engineering construction grew by 55.8 per cent, as work on the development of the Agnico Eagle Mining Ltd.’s Meliadine and Amaruq gold mines continued.
Non-residential construction rose 52.9 per cent, partly due to the building of Nunavut Arctic College’s new campus in Iqaluit, the naval re-fueling station at Nanisivik and a few new schools.
Iron ore mining, up by 29.8 per cent, was the main contributor to the expansion of the mining sector, with iron ore-carrying vessels making a record 71 trips during the summer and fall shipping seasons, StatCan said.
Gold and silver ore mining increased by 3.5 per cent.
Other growth areas included:
• Services-producing industries, up by 1.5 per cent.
• Public sector services, up by 2.9 per cent.
• Transportation and warehousing up by 4.7 per cent as higher construction and mining activity contributed to higher output in air transportation—to move workers in and out of work sites—and to higher output in truck transportation.
• Retail trade was up 0.8 per cent, although wholesale trade fell by 15.9 cent.
That drop is attributable to a 23.8 per cent drop in the wholesaling of machinery, equipment and supplies following two consecutive years of strong growth, StatCan said.