Paul Martin commentary
Saskatchewan is well positioned to be an above-average achiever this year.
That comes from the latest economic growth projections from the team at BDC, Business Development Canada. The agency expects real GDP growth of two-percent in 2026, second place among the provinces behind Alberta on the growth chart.
BDC says mining is driving the Saskatchewan economy these days with revenues last year rising 20-percent to nearly $13 billion. They see this trend continuing with potash production already increased by 19-percent so far this year.
Further, with Jansen getting close to commissioning and new uranium mines receiving the green light, the sector will support continued economic expansion through the medium term.
The closure of the Strait of Hormuz has boosted oil prices which is a positive factor for Saskatchewan but it is also driving up nitrogen fertilizer prices, however, the agency notes a large percentage of farmers had locked up fertilizer supplies before the conflict broke out.
If there’s a weak spot, it’s slowing employment growth but we still have a low unemployment rate which supports consumer spending.
