{"id":270940,"date":"2025-11-08T23:37:14","date_gmt":"2025-11-08T23:37:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/270940\/"},"modified":"2025-11-08T23:37:14","modified_gmt":"2025-11-08T23:37:14","slug":"revised-figures-suggest-nwts-2024-gdp-fell-by-0-7","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/270940\/","title":{"rendered":"Revised figures suggest NWT\u2019s 2024 GDP fell by 0.7%"},"content":{"rendered":"

Statistics Canada has produced revised estimates that suggest the Northwest Territories\u2019 economic output slipped by 0.7 percent between 2023 and 2024.<\/p>\n

GDP, or gross domestic product, measures the size and growth of the economy in each region of the country. It counts the market value of all goods and services produced within each region during a specific year.<\/p>\n

Data for GDP comes out twice a year. The first is an initial estimate, then the second is a refined figure later on.<\/p>\n

Initial 2024 data came out in May this year<\/a> and showed the NWT\u2019s GDP falling by 1.1 percent that year, so the revised figure this week<\/a> marks a slight improvement \u2013 though not by much.<\/p>\n

The broader Canada-wide picture remains similar to the initial figures. Yukon was the only jurisdiction with a worse economic performance \u2013 GDP there dropped by more than two percent. Nunavut was the highest achiever, with growth of almost seven percent.<\/p>\n

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This is the second successive year<\/a> in which the NWT\u2019s economy has slightly contracted.<\/p>\n

Behind the number is a story that has been consistent for some time: the services sector is steadily growing, but the goods-producing sector \u2013 including oil, gas and mining \u2013 continues to fall.<\/p>\n

Diamond mining\u2019s GDP contribution, for example, fell by 11.5 percent in 2024 according to this week\u2019s revised figures. Support activities for the mining sector, including exploration, fell by 25 percent.<\/p>\n

On the services side, the NWT Bureau of Statistics reported: \u201cTransportation and warehousing increased by 10.1 percent, largely stemming from an increase in air transportation. <\/p>\n

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\u201cPublic administration GDP increased by 1.1 percent in 2024 as rises in federal, local, municipal and Indigenous sub-sectors were partially offset by a decline in territorial public administration.\u201d<\/p>\n

Initial figures for 2025 GDP are likely to arrive in May 2026.<\/p>\n

\"chart<\/p>\n

Leaving aside the pandemic year of 2020, this is the first time the NWT has posted back-to-back drops in GDP since 2012.<\/p>\n

More broadly, the territory\u2019s GDP \u2013 in chained dollars, which means adjusting the figures to account for inflation \u2013 is essentially the same as it was in 2002. It peaked in 2007 and has been gradually dwindling since.<\/p>\n

By comparison, Nunavut\u2019s GDP is nearly three times what it was in 2002. Yukon\u2019s GDP has almost doubled over the same period.<\/p>\n

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