Crunching the Economy: NWT GDP Numbers

The Northwest Territories led Canada in 2014 with a GDP growth rate of  6.8 percent – due largely to increased diamond production and work on the Gahcho Kue diamond mine, according to Statistics Canada.

The total value of goods and service produced in the NWT reached $3.8 billion last year, up from $3.6 billion in 2013.

Nunavut posted a growth rate of 6.2 percent, second highest in Canada, followed by Alberta with 4.4 percent. Yukon had a negative growth rate of 1.2 percent. Nationally the GDP grew by 2.4 percent.

A 13.4 percent increase in mining, oil and gas extraction came from increased diamond production. The value of diamond mining reached $679 million, an increase of  20.7 percent over  2013. Oil and gas extraction fell by 0.7 percent to $333 million in 2014.

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Gahcho Kue, the territories’ fourth diamond mine, was the main contributor to a 21.4 percent increase in the construction industry. Residential building construction was down to $16 million from almost $20 million, a drop of 19.6 percent.

Transportation and warehousing rose by 2.9 percent, while wholesale trade increased by 5.8 per cent between 2013 and 2014. Public administration, the second largest contributor to GDP after diamond mining, increased by 1.7 percent to $551.6 million.

Manufacturing fell to $15.8 million from $18.8 million, a decline of 16 percent. Businesses reduced their presence or moved offices out of the territory, reducing spending to $25 million from $27.9 million, a decline of 10.4 percent.

Also down were administrative support (4.7 percent); arts, entertainment and recreation (2.6 percent), and real estate and rental leasing (0.3 percent).

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