Nunavut was one of two Canadian jurisdictions to have its economy grow in 2020, as the country’s gross domestic product fell 5.3 per cent, according to a recent Statistics Canada report.
The territory’s GDP increased 3.5 per cent in 2020 – the most of any territory or province in the country, with Yukon trailing with a 1.1 per cent increase – according to the report published Monday.
Economic growth in Nunavut was supported by a healthy year for the gold and silver mining sector, which grew by 23 per cent, and iron mining, which grew by 34 per cent.
This bodes well for the territory, said Ian Lee, an associate professor at Carleton’s Sprott School of Business.
“If the northern territories of Canada have these minerals, and there’s a demand for them around the world, which there is, and I believe will continue to grow, then that’s the competitive advantage this region has,” Lee said in an interview.
For the rest of this article: https://nunatsiaq.com/stories/article/nunavut-economy-grows-despite-global-pandemic/