The size and quality of the 2025 harvest are prompting the chartered banks to deliver upward revisions in their forecasts for Saskatchewan growth. The latest to join the chorus is TD Bank in a glowing year-end update.
Saskatchewan will end 2025 with the second-highest growth rate in the country at just under 3-percent which is behind only Newfoundland and Labrador. Strong oil production is a key factor in the top three rankings, actually, which includes Alberta.
But record production of canola and lentils were the wild card that pushed the GDP estimate upward. Although Chinese tariffs have cut into exports, sales of near-record wheat production have picked up some of the slack.
The bank also has glowing words for the province’s consumer economy. The best labor market in the country has boosted wages and put Saskatchewan among the leaders in inflation-adjusted retail spending. A key element of this strength is construction supporting strong job growth.
The bank expects the province will remain among top performers in the next two years, albeit with a slower growth rate.
