Saskatchewan's Real GDP Hits Record High in 2023

CANADA, December 18 - Released on December 18, 2024

Real Provincial Gross Domestic Product (GDP) Reaches $77.9 Billion in 2023

As 2024 draws to a close, the province remains a national leader on the economic front. Statistics Canada's latest real GDP data shows Saskatchewan is tied for second among Canadian provinces for growth in 2023.

Real GDP rose by 2.3 per cent from 2022 to 2023, surpassing the national average increase of 1.2 per cent. Saskatchewan's real GDP value remains at an all-time high of $77.9 billion.

"These statistics demonstrate the strength of our provincial economy, which is driven by Saskatchewan's businesses and workers," Trade and Export Development Minister Warren Kaeding said. "Our government remains focused on fostering a competitive and attractive business environment that encourages new investment and innovation, while delivering long-term economic benefits to every Saskatchewan resident."

These numbers show the province continues to keep its debt-to-economic growth ratio within the top three in Canada - achieving a key Saskatchewan Growth Plan goal, six years early. Many sectors of the province's economy contributed to this growth, including mining, construction and manufacturing.

GDP measures the value of goods and services produced within a prescribed geographic region over a specific period of time. 

This announcement continues to highlight the strength of the provincial economy. Saskatchewan exports totalled over $102 billion for 2022 and 2023 combined. This is an increase of nearly 53 per cent from the previous two-year period, and the highest export numbers in the province's history. Saskatchewan's crude oil, potash, canola seed, non-durum wheat, uranium, canola oil, lentils and durum wheat have also already surpassed $1 billion in exports for 2024.

The Government of Saskatchewan recently unveiled its new Securing the Next Decade of Growth - Saskatchewan's Investment Attraction Strategy. This strategy combined with Saskatchewan's trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada. 

For more information visit investSK.ca.

-30-