Statistics Canada has released new real gross domestic product (GDP) for Canadian provinces and territories. In 2011, GDP by industry increased in every province and territory except the Northwest Territories. Alberta had the fastest-growing economy of all the provinces with a growth rate of 5.2%.
In our province, GDP advanced 5.2% in 2011 after a 3.3% increase in 2010. Higher energy prices led to gains in oil and gas extraction and exploration activity. New oil and gas projects also added to the growth. Manufacturing also helped boost the GDP; contributing gains in the fields of machinery, metal products, chemicals, and wood products. Services also increased; led by retail and wholesale trade, transportation, professional, scientific and technical services, and accommodation and food services.
Yukon and Nunavut saw GDP increases as well, recording hikes of 5.6% and 7.7% respectively. Those increases are due to rising commodity prices, mining, oil and gas extraction, and the exploration for gold and silver – which hit record levels.
- Life in the forest: How Stanley Park’s longest resident survived a changing landscape
- ‘They knew’: Victims of sexual abuse by Ontario youth leader sue Anglican Church
- Bird flu risk to humans an ‘enormous concern,’ WHO says. Here’s what to know
- Buzz kill? Gen Z less interested in coffee than older Canadians, survey shows
Comments