Statistics Canada released retail trade figures for May which placed Saskatchewan first in Canada for year-over-year growth. The province's retail trade sales increased by 6.1%, totalling $2.2 billion in May 2024 (seasonally adjusted), compared to May 2023. Minister of Trade and Export Development Jeremy Harrison said the province is on a roll."Saskatchewan continues to be first in the nation in this key economic indicator. In practice this demonstrates the health and strength of our economy and signals continued strong growth under this government's strong and stable leadership," Harrison said in a press release."Our government will continue to take measures to make Saskatchewan the best place to do business and keep inflation low. This in turn creates new jobs and economic opportunities for Saskatchewan people."The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory, and selected census metropolitan areas from a sample of retailers. Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers. The provincial economy continues to see substantial growth recently. Saskatchewan has the lowest rate of inflation, according to the Consumer Price Index, at 1.4%. Exports are experiencing significant growth, totalling over $101.9 billion for 2022 and 2023 combined. This is a 52.2% increase from the previous two-year period of 2020-2021, which saw $66.9 billion in total exports. Statistics Canada's latest GDP numbers also indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6%. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2%.Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4% over 2023. This is the highest anticipated percentage increase in Canada.The province has revealed "Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy," in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.
