Led by a resurgence in potash mining, Saskatchewan’s economy is expected to lead the nation in growth in 2011, moving ahead of Newfoundland.
The latest Provincial Economic Outlook report by the Royal Bank of Canada says Saskatchewan’s GDP will rise 5.3 percent next year after growing by more than four percent in 2010.
“Saskatchewan’s economic outlook is strong with potash production in particular currently experiencing a remarkable rebound with volume up almost 150 percent through September this year, marking a tremendous turnaround from 2009’s staggering 66 percent declince,” said RBC chief economist Craig Wright.
Potash won’t be the only factor in growth next year. After a tough 2010 growing season due to flooding, agriculture is expected to rebound to the tune of 12 percent next year.
Saskatchewan is one of only two provinces, joining Newfoundland and Labrador, to have a surplus budget in fiscal 2010-11.
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