Farmers growing our economy

The Canadian economy or GDP retracted in May. That means the national economy contracted, a subject getting more than a few headlines since the figures were released just before the long weekend. We’re supposed to be in the rebound period but the lingering effects of the pandemic were still evident in provinces where lockdowns were still in place.

But it is unlikely Saskatchewan followed suit. When you break down the industry-by-industry analysis, the sectors driving our economy – food, fuel, and fertilizer – were actually on the positive side of the ledger.

Those parts of the national economy were still growing. Agriculture showed a month-over-month gain of nearly one percent. This comes on the heels of another one percent gain the month earlier. Given that Saskatchewan is such a big player in farming nationally, we were probably responsible for good chunk of that gain.

Mining and oil and gas were also showing stronger results. That segment rose by a full two percent while the overall national economy shrunk by a third of a point, underscoring the importance of these industries to the national economy.

Source: https://www150.statcan.gc.ca/n1/daily-quotidien/210730/t001a-eng.htm