Nunavut is one jurisdiction in Canada with a favorable economic outlook in the face of the COVID-19 pandemic, according to a recent economic analysis completed by the Conference Board of Canada.
The reason: Nunavut’s mining sector, which remained mostly intact in 2020, accounted for more than one-third of its economy, a higher share than in every other Canadian province or territory.
Projected to have expanded 6.1% last year, Nunavut’s economy is forecast to grow 13.2% in 2021, marking the territory’s fifth and sixth consecutive years of economic growth greater than 5%, the Conference Board reported.
Though the pandemic stunted the territory’s economic growth in 2020, especially in the mining sector, the economists say the effect will likely be temporary.
Though projected to increase by nearly one-third in early 2020, mineral production in Nunavut fell short of that target, climbing only 18.6% during the year due to scaled-back output at the territory’s gold mines. Output totaled about 600,000 ounces of gold in 2020, down from 890,000 oz forecast earlier in the year.
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