The Territorial Outlook provides the economic and fiscal outlook for each of Canada’s three Northern territories, including output by industry, labour markets, and demographics.
Territorial Outlook Economic Forecast: Summer 2017
Territorial Outlook Economic Forecast: Summer 2017
Business and Household Indicators
Provincial Economic Analysis
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- The Nunavut economy briefly contracted in Nunavut in 2014 but rebounded in 2015 and 2016. The outlook is positive, as the territory is expected to have four mines operating by 2020.
- Yukon’s economy contracted sharply in 2014–15 as two mines ceased operations. But an improvement in metal prices, mainly copper prices, bodes well.
- Capstone Mining reversed a decision to shut down Yukon’s only currently operating mine. And with prospects favourable for gold mine developments, some new projects are expected to go ahead in the next few years.
- Strong mining production and economic growth is expected for the Northwest Territories in 2017, now that Gahcho Kué is up and running.
- Diamond production in the N.W.T. remains strong but will decline over the forecast period. By 2030, Ekati will be the only diamond mine still producing.
- Several base metal mines have been proposed for the N.W.T. in the past few years, and a more favourable pricing environment and new public infrastructure will help bring two new mines in production early in the next decade.
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