https://www.cbc.ca/news/canada/north/
N.W.T. was 1 of 2 jurisdictions in Canada to see its Gross Domestic Product drop between 2022 and 2023
New economic data from Statistics Canada show that the N.W.T.’s economy is “stagnating,” according to one Yellowknife economist.
And Graeme Clinton, owner of the research firm Impact Economics, says it’s not a big surprise, as the territory’s diamond mines are past their peak production and are preparing for closures. “There’s not a lot of activity coming in behind them, such that we can expect significant growth going forward,” Clinton said.
A report last week from the N.W.T. Bureau of Statistics, based on StatsCan data, says the territory’s Gross Domestic Product (GDP) fell by 0.4 per cent between 2022 and 2023. Newfoundland and Labrador was the only other jurisdiction in Canada to also see a drop in GDP over that period.
For the rest of this article: https://www.cbc.ca/news/canada/north/nwt-gdp-drop-2023-economy-stagnating-researcher-says-1.7383918