CME shares highlights from Saskatchewan’s 2023 budget

Canadian Manufacturers & Exporters (CME) shared key highlights from the recently released Saskatchewan’s budget for 2023-2024.

The summary document includes a provincial economic overview, budget highlights by topic and ministry business plan highlights.

Here is a brief economic overview of the province, as shared by CME:

1. In 2022, Saskatchewan reached all-time highs in population, employment, value of exports and nominal Gross Domestic Product (GDP).
   • Saskatchewan grew by more than 29,000 people.
   • Employment reached an all-time high in 2022, adding over 20,000 new full-time jobs.
2. Saskatchewan’s real GDP is expected to grow at 1.3 percent in 2023 and nominal GDP is expected to grow by 0.8 percent.
   • Over the medium-term, real GDP growth is expected to average 2.1 percent annually and nominal GDP growth is expected to average 2.3 percent annually.
3. Saskatchewan also had the second-highest growth among the provinces in international goods exports ( up 41.6 percent) and investment in building construction (up 26.1 percent) in 2022.
   • Saskatchewan’s manufacturing sales (up 27.6 percent) and building permits (up 22.0 percent) had the third-highest growth among the provinces in 2022.
   • More than 80 major projects have been committed to by private companies in recent years for total investment of nearly $32 billion.
   • Non-residential investment, especially from the manufacturing and processing, and natural resource sectors, will be a key driver of growth over this period.

The complete summary is available here.