Conference Board launches Northern Outlook: Canada's territories poised for
growth in 2010
The Northern Outlook report, a 10-year economic forecast which will be published biannually, is just one of the initiatives spearheaded by the Centre for the North. The Conference Board used its experience forecasting national and provincial economies to develop a new Territorial Forecasting Model for the Northwest Territories, Nunavut and Yukon. The report examines the economic and fiscal outlook for each of the territories, including output by industry, labour market conditions, and the demographic make-up of each territory.
"All three territories are expected to bounce back this year, as mining activity recovers in line with stronger commodity prices" said Marie-Christine Bernard, Associate Director, Forecasting and Analysis.
The global economic downturn led to lower prices and less demand for jewellery-quality diamonds, prompting producers to scale back mining activities in the Northwest Territories. This resulted in the territory's economy contracting significantly last year. With diamond prices and sales on the rise again, due to increased demand primarily from
Nunavut's economy will expand nearly 10 per cent this year, as the Agnico-Eagle's Meadowbank gold mine is expected to begin commercial production in the first quarter of 2010. Development of this mining project has been beneficial to Nunavut and will continue to benefit the economy as gold, machinery, equipment and workers are transported to and from the mining site.
Yukon's relatively stable service sector helped the territory avoid a recession last year. Growth is expected to accelerate to 4 per cent in 2010 as production begins at the Yukon Zinc Corporation's Wolverine mine. A number of government-funded projects, including major transportation infrastructure initiatives, the new Whitehorse Correction Centre, and an expansion at the
Over the next decade, mineral exploration will recover in Canada's territories in line with firmer global commodity prices. New mining projects will stimulate economic growth in all three territories over the next ten years.
This forecast is produced as part of the Conference Board's Centre for the North, a five-year, multimillion dollar program of consultation, research, and dialogue, designed to provide insights into how
For further information: Brent Dowdall, Media Relations, Tel.: (613) 526-3090 ext. 448, E-mail: [email protected]
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