Nunavut’s 2016 GDP growth second-highest in Canada: StatsCan (Nunatsiaq News – May 3, 2017)

http://www.nunatsiaqonline.ca/

Mining remains big economic driver

Nunavut’s rate of economic growth in 2016 came in as the second most-robust in Canada, according to a May 1 Statistics Canada release. 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.

In Nunavut, the territorial GDP increased by 3.9 per cent in 2016 following a 1.2 per cent gain in 2015, Statistics Canada said. Only Yukon, with 8.2 per cent growth in its GDP for 2016, surpassed Nunavut.

In Nunavut, much of the GDP growth appears to be linked to mining although support activities for mining declined notably,” StatsCan said. Iron ore mining rose significantly as the Mary River iron ore mine ramped up production.

And engineering construction rose by 30 per cent, as “work on the new gold mine and a number of electric power stations more than offset a decline in transportation engineering construction,” StatsCan said.

Services output rose by 2.5 per cent, mostly from gains in wholesale and retail trade, as well as in territorial public administration. However, non-residential construction fell.

StatsCan notes that the finishing touches were put on the Iqaluit Aquatic Centre, while new Iqaluit airport terminal and the Canadian High Arctic Research Station have passed peak construction.

Residential construction in Nunavut also declined by 15 per cent.

For the original source of this article, click here: http://www.nunatsiaqonline.ca/stories/article/65674nunavuts_gdp_growth_for_2016_ranks_second-highest_in_canada_statscan/

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