It might have a tarnished reputation in some quarters but the oil and gas industry is still a key contributor to the broad marketplace and, by extension, our economy.
That was clearly evident in the updated quarterly economic forecast issued by ScotiaBank.
It ranks Canada’s three oil producing provinces at the top of the report card. Alberta will see the strongest economic expansion this year at 1.7-percent. Newfoundland is second at 1.5% and Saskatchewan grabbed third spot at 1.3-percent.
And the story remains much the same as 2024 draws to a close and we head into 2025. Alberta again will post the strongest gains – growing 2.3-percent.
Saskatchewan’s economic expansion will pick up steam in the new year, with growth projected to rise from this year’s 1.3-percent to 2-percent. That will be matched by Newfoundland and BC.
Here in Saskatchewan, not only will we see some of the lowest inflation rates in the nation over the next 18 months, housing starts will increase and our unemployment rate will hover among the lowest in Canada.
