Paul Martin commentary
If it wasn’t for Saskatchewan, the Canadian economy probably would have contracted in January.
StatsCan has just released its GDP figures the month showing a .1-percent increase. That surprised on the upside as many had expected a decline as the grip of tariffs is taking hold in the manufacturing regions of the nation. But what held us in positive territory was resource extraction.
The federal agency says increased oil production in Saskatchewan and Newfoundland were significant contributors. Overall, production of oil outside the oilsands added to growth in natural gas with output growing by nearly three-percent for the month.
Then there was mining.
Potash production grew by two-and-a-half percent in January, which accounted for much of the 1.7-percent increase nationally.
Nationwide, manufacturing was down 1.4-percent, largely driven by an 11-percent decline in motor vehicle manufacturing which fell 25-percent in the month.
The other big contributor to the growth equation was construction and Saskatchewan is again a positive contributor on this one with mine development, crushing capacity and institutional construction.
