Saskatchewan’s GDP hits record $77.9 billion in 2023

Saskatchewan’s economy reached new heights in 2023, with the province’s real Gross Domestic Product (GDP) climbing to a record-breaking $77.9 billion. 

The latest data from Statistics Canada reveals a 2.3% increase in real GDP from 2022 to 2023, nearly doubling the national growth rate of 1.2%.

This achievement places Saskatchewan tied for second among Canadian provinces in GDP growth and as a leader in economic performance.

Scott Moe’s government attributes the milestone to the strength of its businesses and workforce, with significant contributions from key sectors such as mining, construction, and manufacturing.

"These statistics demonstrate the strength of our provincial economy, which is driven by Saskatchewan's businesses and workers," said Warren Kaeding, Minister of Trade and Export Development.

"Our government remains focused on fostering a competitive and attractive business environment that encourages new investment and innovation, while delivering long-term economic benefits to every Saskatchewan resident."

Saskatchewan’s robust economic health has also positioned it among the top three provinces for debt-to-economic growth ratio, achieving a Saskatchewan Growth Plan target six years ahead of schedule.

The strong GDP growth aligns with record export numbers for Saskatchewan, which totalled over $102 billion for 2022 and 2023 combined, a 53% increase from the previous two-year period. 

Major export drivers included crude oil, potash, canola products, uranium, and lentils, with several commodities surpassing $1 billion in export value for 2024.

The provincial government’s new Securing the Next Decade of Growth - Saskatchewan’s Investment Attraction Strategy aims to build on this momentum. 

Combined with the recently launched InvestSK.ca website, the strategy seeks to attract new markets and solidify Saskatchewan as a premier destination for business in Canada.

As Saskatchewan continues to lead the country in economic growth and innovation, its record-breaking GDP underscores the resilience and potential of the province’s economy heading into 2024.