Saskatchewan’s economy continued its upward trajectory in 2024, posting the second-highest real GDP growth rate among Canadian provinces, according to new data released Wednesday by Statistics Canada.
The province’s real gross domestic product rose by 3.4 per cent last year to a record high of $80.5 billion, surpassing the previous year’s total of $77.9 billion. The national average growth rate was 1.6 per cent.
Several sectors contributed to Saskatchewan’s economic performance, including construction, which grew by 13.2 per cent. The agriculture, forestry, fishing and hunting sector increased by 7.8 per cent, while mining, quarrying and oil and gas extraction rose by 5.6 per cent.
"Saskatchewan continues to see record growth within our provincial economy and today's Statistics Canada data shows more people are choosing to live, work and raise families in our province," Trade and Export Development Minister Warren Kaeding said. "Saskatchewan exports bring food and energy security not only to North America, but around the world."
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Statistics Canada defines GDP as the total value of goods and services produced within a region over a specific period of time.
Private capital investment in Saskatchewan reached $14.7 billion in 2024, a 17.3 per cent increase over the previous year, the highest among all provinces. Investment is projected to rise again in 2025 by 10.1 per cent to $16.2 billion, the second-largest anticipated increase in Canada.
The provincial government recently launched its Securing the Next Decade of Growth strategy, aimed at attracting investment and promoting Saskatchewan as a business destination. The strategy is supported by the province’s trade and investment portal, InvestSK.ca.