Saskatchewan is expected to lead Canada in economic growth in 2011, according to eight independent economic forecasters.
It is predicted the province’s economy will grow by 3.7 per cent, which is well ahead of the national average of 2.5 per cent.
According to one of the forecasters, RBC Royal Bank, the mining sector will lead the way for Saskatchewan in 2011.
Agriculture is also expected to play a key role. In 2010 a wet growing season dropped productivity by almost 30 per cent, so any return to normal will be a significant driver.
RBC says those sectors will also fuel growth elsewhere.
“RBC has been also predicting that retail saes will grow, and that’s just a factor of having more people in the economy, lower unemployment rates, people are spending more money,” Mark Saidi from RBC said.
The predictions are coming on the heels of what has been a strong 2010 for Saskatchewan’s economy. After a slowdown in 2009, building permits rose by over 50 per cent in 2010 and housing starts were up significantly.
Even further in to the future, RBC predicts Saskatchewan’s economy will continue to grow in the next few years. A jump of four per cent is forecasted in 2012.
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