CANADA, August 23 - Released on August 23, 2024

Province Ranks Second in Year-Over-Year Retail Trade Growth

Statistics Canada's latest retail trade figures for June 2024 place Saskatchewan second among the provinces for year-over-year growth. The province's retail trade sales increased by 3.4 per cent in June 2024 compared to June 2023 (seasonally-adjusted), totaling $2.1 billion. 

"Saskatchewan continues to be a national leader in this key economic indicator, which is a reflection of our strong and growing economy," Trade and Export Development Minister Jeremy Harrison said. "We are seeing unprecedented investment into our province with the lowest inflation rate and strongest job growth in the country. Our government will continue to protect and promote Saskatchewan's industries to ensure we remain the best place to do business. This economic growth creates new job opportunities and helps build strong and vibrant communities across the province."

The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory and selected census metropolitan areas from a sample of retailers. 

Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers. 

The provincial economy continues to see substantial growth. Saskatchewan currently has the lowest rate of inflation according to the Consumer Price Index, at 1.6 per cent. 

Statistics Canada's latest GDP numbers also indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6 per cent. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 per cent.

Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

The province has released "Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy," in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.

To learn more, visit: investSK.ca.

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