Saskatchewan Continues to Lead the Nation in Retail Trade
CANADA, July 19 - Released on July 19, 2024
Province Ranks first in Canada for Year Over Year Growth
Today, Statistics Canada released retail trade figures for May 2024, which placed Saskatchewan first in the nation for year-over-year growth. The province's retail trade sales increased by 6.1 per cent, totaling $2.2 billion in May 2024 (seasonally adjusted), compared to May 2023.
"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," Minister of Trade and Export Development Jeremy Harrison said. "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 currently has the lowest rate of inflation according to the Consumer Price Index, at 1.4 per cent. Exports are experiencing significant growth, totaling over $101.9 billion for 2022 and 2023 combined. This is a 52.2 per cent 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 per cent. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 per cent.
Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent 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
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